EIHLimited AR2013-2014

(ConsoLIdatEd) notes
to a Contd.
Annual Report 2013 - 2014 2013
VOTED THE WORLDS LEADING LUXURY HOTEL BRAND

2013 World Travel Awards 1
Annual Report 2013-2014
to a Contd.
2013
3
Contents
to a Contd.
2013
the Board of Directors 6
the oberoi Dharma 8
the oberoi Group Mission 9
Highlights 29
Chairmans Review 30
Directors Report 33
Management Discussion and Analysis 36
Report on Corporate Governance 42
statement pursuant to section 212 61
Independent Auditors Report 63
Balance sheet 70
statement of Profit and Loss 71
Cash Flow statement 72
notes to Accounts 74
Consolidated Financial statements 99
5
the Late Rai Bahadur M.s. oberoi Founder of
The Oberoi Group
1898-2002
BoARD
Mr. P. R. s. oberoi Executive
Chairman
Mr. s. s. Mukherji
to a Contd.
2013
Vice Chairman and Chief Executive Officer
Mr. Vikram oberoi
Chief Operating Officer and Joint Managing Director
Mr. Arjun oberoi
Chief Planning Officer and Joint Managing Director
Mr. s. K. Dasgupta
Mr. Rajan Raheja ( Ceased w.e.f. 20th May, 2014)
Mr. Anil nehru
Mr. L. Ganesh
Mrs. nita Mukesh Ambani
Mrs. Renu sud Karnad
Mr. Manoj Harjivandas Modi
Mr. Rajeev Gupta
CoMPAny seCRetARy & CoMPLIAnCe oFFICeR Mr. s. n.

sridhar
AuDItoRs
Ray & Ray, Chartered Accountants 6 ,
Church Lane, Kolkata 700 001
ReGIsteReD oFFICe
4, Mangoe Lane
Kolkata 700 001
7
P.R.s. oberoi, Executive Chairman
the oberoi Dharma
We, as members of the oberoi Group are committed to display through our behaviour and actions the
following conduct, which applies to all aspects of our business :
to a Contd.
2013
Conduct which is of the highest ethical standards -
intellectual, financial and moral and reflects the highest levels of courtesy
and consideration to others.
Conduct which builds and maintains team work, with mutual trust
as the basis of all working relationships.
Conduct which puts the customer first, the Company

second and the self last.
Conduct which exemplifies care for the customer through

anticipation of need, attention to detail, excellence,
aesthetics and style and respect for privacy along with
warmth and concern.
Conduct which demonstrates two-waycommunication, accepting constructive

debate and dissent whilst acting fearlessly with conviction.
Conduct which demonstrates that people are our key asset,

through respect for every employee, and leading from the front regarding
performance achievement as well as individual development.
Conduct which at all times safeguards the safety, security, health

and environment of guests, employees and the assets of the company.
Conduct which eschews the short-term quick-fix for the long-

term establishment of healthy precedent.
the oberoi Group Mission
Our Guests
Weare committed to meeting and exceeding the expectations
of our guests through our unremitting dedication to every aspect of service.
9
Our People
We are committed to the growth, development and welfare of our people upon whom we rely to
make this happen.
Our Distinctiveness
together, we shall continue the oberoi tradition of pioneering in the hospitality industry,
striving for unsurpassed excellence in high-potential locations
all the way from the Middle east to the Asia-Pacific.
Our Shareholders
As a result, we will create extraordinary value for our
shareholders.
VOTED THE WORLDS LEADING LUXURY HOTEL BRAND
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VOTED THE WORLDS BEST HOTEL BRAND

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THE WORLDS LEADING LUXURY HOTEL BRAND

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Neha Mittal
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no one will stay there unless you can provide
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27
28
$ 24
21116 17 10 95
21 46
468
481438
19
419 0.770.03 0.03 0.02
2013-201 4
1
` 950
1448
12789 1015 6291248
5765 2764
28326
26476
1143
25333
29101 ** 1.78 ** ** 0.10 :
1.66 **
1.10
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$ 195 812 10 9 15
80 62
474483
434
19
415 0.760.01 0.02 0.01
1
2012-2013 11770
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4825 3754
29249
26249
1143
25106
28658 0.89 ** 1.10 ** ** 0.14 :
**
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HIGHLIGHTS
26
19220 20 10 77
24 43
464477
436
19
417 0.02
$ 0.04 0.04
0.76
1
2011 - 2012 0.10 :
1224
1550
11622 1224 4630
6291435 2601
28852
26352
280591143
25208 ** **2.14 **1.10 **
2.14
46.10
` erial nos. 14, 15, 16 & 17
14
18911 11 9 15
79 477
428
136
19
451409 0.01
$ 0.03 0.03
0.75 1
2010 - 2011 0.32 :
645
855
11429 645 514934
4795 8240
28868
25878
1143
24735
27255 1.63 ** 1.63 **0.90 **
` 45.28 **
except
$ 150 915 9 8 12
52 420
208
234
13
440221 0.600.02 0.02 0.02
Million
0.89 : 1
2009 - 2010 572
890 572 472705 25384
12595
14171
786 1.46 1.20
9073 3149 13385
26606
` 1.46
36.06
in
$ 17828
45 28 8 28
83 403
169
234
13
399221 0.600.07 0.07 0.02
1
s
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1704
2733
10785 1704 5009
4721696 24406
10230
14176
786
13390
24158 4.34 1.20
` 4.34
36.08
$ 19136
58 36 12 99
30 333
134
215
13
356202 0.550.09 0.09 0.03
1
Figures
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2172
3498
11551 2172 5973
7071798 8129
20153
13035
786 5.53 1.80
` 12249
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5.53
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49
16533 26 9 30
87 309
131
193
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311180 0.490.08 0.07 0.02
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2004
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5501787 7916
18710
11652
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` 10866
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5.10 4.01
29.65
$ 13331
43 18 9 28
74 286 117
275
170
1629 0.05 0.02
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5241697 7093
16638
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10300
17273 *
`
26.21
$ 103 510 6 4 57
8 275258
134
148
1409 0.01 0.01 0.01
0.38
1
2004 - 2005 331 360 2443431
457 8091
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15599
8455
16655 *
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1
FOR THE YEAR RATIO 14
erial nos. 8,10,11,13,14 and 18 are inclusive of Revaluation Reserve

balance as at year end.
b) Figures have been regrouped/rearranged wherever necessary. 30

erial nos. 8,10,11,13,14 and 18 are inclusive of Revaluation Reserve
balance as at year end.
b) Figures have been regrouped/rearranged wherever necessary.
s
31
eXeCutIVe CHAIRMAns ReVIeW
Ladies & Gentlemen,
With a new Government at the helm, there is renewed confidence regarding the revival of the
economy, development and growth.
the importance of the travel and tourism industry is well established as it makes a
significant contribution to GDP and provides substantial employment to a wide spectrum
of job seekers. the travel and tourism industry can play an important role in development
of local infrastructure and thus promote Brand India to the world. Despite this, the
travel and tourism sector has not been taken seriously by previous Governments. the
Modi Governments emphasis on this sector as one of the pillars on which it seeks to
build Brand India is of great significance. We now hope that this sector will, at long
last, receive the serious attention that it so rightly deserves. a)
today, twice the number of people travel out of India than those who visit this country.
Despite an economic downturn and a devalued
Rupee, approximately 15 million Indians travelled to overseas destinations in
2013. India attracted only 6.8 million foreign visitors during the same period. It is
important to note that India is one of the few countries that has a negative travel account
balance - foreign exchange outflow exceeded inflow. The gap
could widen considerably with outbound Indian travellers projected to grow
to 50 million by 2020 which has been estimated by the united nations World trade
organization.
As I have stated previously, foreign visitor arrivals to India are very low when compared
to China 57 million (excluding Hong Kong), Thailand
over 22 million, Malaysia 25 million and turkey 36 million last year.
Phuket or Bali alone attract more foreign visitors than the whole of India! We must take
urgent steps to aim at a quantum increase in foreign visitors.
A target to attract at least 25 million foreign visitors
in 5 years is achievable.
We are pleased that the Government is planning to introduce an electronic travel

Authorisation scheme to a wide range of countries. the Government is also proposing a
Visa on Arrival scheme for 180 countries. the Visa on Arrival scheme needs to be
implemented speedily in a co-ordinated manner by the Government along with a media
campaign so that foreign travellers are aware of this scheme. the World travel & tourism
Council has estimated that the visa on arrival scheme could result in doubling of the
number of foreign visitors to India in a very short period.
the transformation of turkish Airlines during the last 5 years as an international carrier of repute
shows what can be achieved within a relatively short period of time with correct planning,
32
determination and investment. urgent steps need to be taken to transform Air India as a strategic
marketing tool to promote Brand India.
India is blessed with a very long coastline which has

not been exploited. We should get a fair share of the beach travel
market so that we can compete with Phuket or Bali. unfortunately, our beach destinations
and islands are untapped. unreasonable coastal and island regulations are a significant
barrier to develop our beach resorts. these regulations need to be reviewed.
India has unrivalled Buddhist sites such as Bodh Gaya, sarnath and nalanda. these sites
have immense interest for domestic and international visitors. they could attract visitors
from new source markets such as China, Japan and south East Asia. As these
locations do not have good connectivity and adequate
tourism facilities, this market is largely untapped.
Our heritageassets are unique. Sadly, we pay scant attention

to their upkeep and presentation. the Central Governments budget in
2012 for the upkeep and maintenance of Indias 3700 protected monuments was only Rs.
141 crores; this is equivalent to less than Rs. 4 lacs per
monument! A drastic overhaul is required, in
partnership with the private sector, so that our monuments are maintained in accordance
with the best global practices.
there are a wide range of factors that tarnish the attractiveness of our country as a tourist
destination; they are a lack of hygiene and sanitation in our cities and tourist destinations.
there are also concerns about law and order, especially the safety of women travellers.
Developing new hotels in our cities and tourist destinations takes far too long. urgent
steps must be taken by our state Governments to approve projects speedily. Delayed
projects increase building costs unnecessarily. the financing of hotel projects is
challenging. the typical term of 10 years for debt financing is far too short as it takes 4 to
5 years to stabilize the financial performance of new hotels. there is an urgent need to
look at loans with longer terms, say 20 years. Hotels are important infrastructure and
should be able to avail of similar tenure of debt financing as other infrastructure projects.
India spends less than 1% of its GDP on the development of the travel and tourism sector.
Countries such as singapore, Malaysia, China and thailand each spend 4% to 9% of GDP
on this important sector. the Incredible India campaign was very visible and successful.
efforts need to be sustained and enhanced so that regional source markets such as China,
south east Asia, Central Asia and the Gulf countries are targeted. tourism is reportedly
the most popular leisure pursuit amongst Chinese travellers. It is estimated that 98
million Chinese travelled overseas in 2013. We cannot afford to ignore this important
market. Raising awareness and cultivating visitors from China should be a particular
focus area for the Government and the private sector.
33
Co-ordinated action on the many issues raised by me requires
the private sector, the states and Central Government to work together as a
team. this is easier said than done. However, we must take this as a challenge so that
India gets its fair share of the tourism market.
We are encouraged that Prime Minister Modi recognises the tourism industrys
importance and has stated that his Government desires to give this sector the importance
that it so deserves. Finally, we are very optimistic that the travel and tourism industry
will get the attention that it deserves so that we can all realise our dreams.
As you see, revenues and profitability of the Company have increased compared to the
previous year. We should all be heartened that in two separate guest and reader surveys,
the oberoi Brand has been voted as the best hotel brand globally. This is a
tribute to the dedication of our staff who have
provided exceptional service to our foreign and Indian guests.
In conclusion, I thank my colleagues on the Board for their continued advice and support.
I also thank all those who work for the Company and all other stakeholders. thank you.
P.R.s. oberoi
Executive Chairman
15 th June, 2014
DIReCtoRs RePoRt
The Board presents the Sixty-fourth Annual Report together with the
Audited Statement of Accounts and the Auditors Report in respect of the year
ended 31st March, 2014. the financial highlights are given below:
Rupees in million
2013-2014 2012-
2013
total Revenue 12789.41 11770.0
Earnings before Interest, Depreciation, Taxes, 7
Amortisations
and Exceptional Items (EBIDTA) 2792.67 2443.5
3
Interest and Finance Charges 406.50
450.13
Depreciation 991.75
1007.48
Exceptional Income/(Expenditure) 118.44 (150.66
)
34
Extraordinary Loss 65.04 116.96
Profit before tax 1447.82
718.30
Current tax 311.72
101.49
Deferred tax 185.69
107.17
Profit after tax 950.41
509.64
Balance brought forward 3145.96 3368.2

3
Accumulated balance 4096.37 3877.8
7
Dividend 628.73 514.41
Dividend tax 65.07 67.5
0
transfer to General Reserve 150.00 150.00
Balance carried over 3252.57 3145.9
6
In compliance with General Circular no. 08/2014, dated 4th April, 2014 of the Ministry of
Corporate Affairs, Government of India, the Board Report has been prepared in accordance with
section 217 of the Companies Act, 1956.
In accordance with the provisions of section 217(2AA) of the Companies Act, 1956 ( the Act) and,
based upon representations from the Management, the Board states that :
a) in preparing the annual accounts, applicable accounting standards have been followed and
there are no material departures;
b) the Directors have selected accounting policies, applied them consistently and made
judgments and estimates that are reasonable and prudent to give a true and fair view of the
state of affairs of the Company at the end of the financial year and of the profit of the
Company for the year;
c) the Directors have taken proper and sufficient care
in maintaining adequateaccounting records in accordance with provisions of
the Act for safeguarding the assets of the Company and for preventing and detecting fraud
and other irregularities;
d) the Directors have prepared the annual accounts of the Company on a going concern
basis.
The annexed Management Discussion and Analysis forms a part
of this report and covers, amongst other matters, the performance of the
Company during the financial year 2013-2014 as well as the future outlook.
In accordance with the listing agreement with the Stock
Exchanges, the following are attached:
1. Consolidated financial statements prepared in accordance with the Companies (Accounting
standards) Rules, 2006 along with the auditors report.
35
2. the report on Corporate Governance in accordance with clause 49 of the listing agreement along with
the auditors certificate.
the Board recommends a dividend of ` 1.10 per equity share of ` 2 in respect of
the financial year 2013-2014.
the dividend, if approved at the forthcoming Annual General Meeting, will be paid on 7th August,
2014 to shareholders whose names appear on the register of shareholders at the close
of business on 24th July, 2014. As per the Income
Tax Act, 1961, the tax on the dividend will be borne by
the Company.
the Company continued to focus on energy conservation measures during the year. Measures
include replacement of incandescent lights with low power consumption LeD lights, compact
fluorescent and IR lights, installation of motion sensors, installation of solar films to reduce heat
loads, replacement of reciprocating chillers with energy efficient VRV systems, installation of
rooftop solar power generation systems, replacement of old boilers with high efficiency boilers
and installation of high efficiency secondary treatment plants with improved recycling. Besides
these, operational measures were continued to reduce energy consumption by regulating chiller
set points according to ambient temperatures, minimizing steam consumption by optimizing
steam utilization in kitchens and laundries and introducing Pressurised natural Gas (PnG) for
kitchens.
Some of the actions planned for next year include installation
of solar power generation systems, replacement of energy intensive
pumps with high efficiency pumping systems, replacement of energy intensive fans with energy
efficient fans and the increased use of secondary treatment Plant water for cooling towers.
operational measures include close monitoring and control of energy
consumption and frequent energy audits by the hotel energy
Conservation Committee.
During the financial year 2013-14,the foreign exchange earnings of
the Company amounted to ` 5,765.29 million as against ` 4,824.73
million in the previous year. The expenditure in foreign
exchange during the financial year was ` 645.38 million as
compared to ` 780.81 million in the previous year.
the Board of Directors of the Company (the Board) at its Board Meeting held on 25th March,
2014 approved the reappointment of Wholetime Directors, Mr. Vikram oberoi and Mr. Arjun
oberoi for a period of 5 (five) years with effect from 1st July, 2014, subject to shareholders
approval by postal ballot and e-voting. Pursuant to the Companies (Passing of the resolution by
Postal Ballot) Rules, 2011 and circular no. CIR/CFD/DIL/6/2012 dated 13th July,
2012 of the Securities and Exchange Board of
India, the shareholders have approved the
reappointment of Mr. Vikram Oberoi and Mr. Arjun Oberoi
by requisite majority by way of postal ballot and e-voting.
Mr Rajan Raheja has resigned from the Board of Directors of the Company. the Board of
Directors place on record its deep appreciation of the valuable services rendered by Mr Raheja
during his tenure as an Independent Director on the Board.
Mr. Manoj Harjivandas Modi retires by rotation at the forthcoming Annual General Meeting and
is eligible for re-appointment. the Directors recommend reappointment of Mr. Modi as a Director
on the Board.
Mr. s.K.Dasgupta, Mr. Anil nehru, Mr. L. Ganesh, Mrs. Renu sud Karnad and Mr. Rajeev Gupta
who are already on the Board of the Company as Independent Directors are being appointed in
the same position for a period 5 (five) years at the forthcoming Annual General Meeting of the
Company pursuant to sub-sections (4) and (10) of section 149 and other applicable provisions, if
any, of the Companies Act, 2013. In accordance with sub-section (13) of section 149, these
36
Independent Directors will not retire by rotation. the Company has received notices from
shareholder(s) proposing the appointment of Mr. s.K.Dasgupta, Mr. Anil nehru, Mr. L. Ganesh,
Mrs. Renu sud Karnad and Mr. Rajeev Gupta as Independent Directors on the Board for a period
of 5 years at the forthcoming Annual General Meeting of the Company. the particulars of
Directors are given in the Annexure to the Notice.
The Central Government has granted general exemption to the
Company to publish audited consolidated financial statements and from
attaching copies of the report and accounts of their subsidiary companies subject to the Boards
consent. the Board, having given its consent, the reports and accounts of the subsidiary
companies have not been attached to this report. the Board has, however, prescribed specified
information on the subsidiary companies to be disclosed as part of its consolidated financial
statements. this information has been incorporated on page 100 of this annual report.
subject to prior arrangement, the audited annual accounts of the subsidiary companies will be
available for inspection by any shareholder at the Companys registered office. shareholders
interested in obtaining a copy of the audited annual accounts of the subsidiary companies may
write to the Company secretary at the registered office of the Company.
the auditors of the Company, Messrs. Ray and Ray, Chartered Accountants, retire and are eligible
for re-appointment. they have confirmed that, if reappointed, their appointment will be within the
prescribed limits. the Directors recommend their re-appointment as auditors of the Company for
the financial year 2014-15.
The information required under Section 217(2A) of the Act together with
the Companies (Particulars of employees) Rules, 1975 forms a part of this Report.
Risks, uncertainties or future actions could differ materially from
those expressed in the Directors Report and the Management
Discussion and Analysis. these forward looking statements are relevant on the date of this report.
We have no obligation to update or revise any forward looking statements, whether as a result of
new information, future developments or otherwise, and therefore undue reliance should not be
placed on these statements.
the Board takes this opportunity to thank all employees for their commitment, dedication and co-
operation.
For and on behalf of the Board

new Delhi s.K. DAsGuPtA s.s. MuKHeRJI
30th May, 2014 Director Vice Chairman & Chief Executive Officer
MANAGEMENT DIScuSSION AND ANALYSIS
Industry Structure, Developments and Outlook

Global economic growth in 2013 has remained subdued at about 3%. this is largely due to weak
domestic demand and slow growth in several key emerging market economies coupled with a
protracted recession in the euro zone. Furthermore, the year 2013-2014 has not been a year of
economic recovery in India. GDP growth in India is estimated at 4.9% for the financial year. this
lower GDP growth is driven by high inflation, low industrial production and investment.
In the last few years, the Indian Hotel Industry has been
facing weak demand and an excess supply of rooms caused by optimism
about the Indian growth story prior to 2008. this has led to new hotel openings by Indian and
37
International hospitality brands. However, due to the economic slowdown, supply outpaced
demand, suppressing Average Room Rates (ARR) and reducing occupancy.
As we look to the future, the travel and tourism industry has globally emerged as one of the
fastest growing sectors, contributing significantly to economic growth and development. the
World travel and tourism Council (WttC) in its Annual economic Impact Report 2014 estimates
that the contribution of travel and tourism to the Indian
GDP will be 7.3% in 2014. This is expectedto grow by
7% p.a. reaching INR 14,000 billion by 2024.
India has potential to become a preferred tourist destination globally. the long term outlook for the
Indian hospitality industry continues to be buoyant with growth outperforming the general
economy. Inbound tourism continues to have modest growth of international tourists arrival and
receipts. However, the domestic market will see strong growth with more Indians
travelling, resultingin an expectedrevenue growth of 8.2%
in the financial year 2014-2015.
the tourism sector in India faces several issues that needs to be addressed for the sector to realize
its true potential. Visa on arrival from key markets in europe and America, safety and security of
tourists, specially women, infrastructure development, identification of new tourist destinations
and regulatory and policy changes need attention from all stakeholders.
Recently, the Government of India announced a proposal
to extend a visa on arrival scheme (VoA) for visitors from 180
countries. A proposal for an electronic travel authorization system will allow foreign travelers to
apply for a visa electronically and receive an online confirmation in five working days has also
been cleared. Presently, the VoA scheme is available to tourists from eleven countries, mainly
from south east Asia and two european countries. since its introduction, there is a continuous and
significant growth of tourist arrivals reconfirming the need
to quickly extend this facility to the identified 180 countries.
According to a study undertaken by WttC and unWto, these improvements in the Visa regime
could result in upto 6 million more international visitors traveling to India resulting in
corresponding growth in revenue and creating 1.8 million jobs over three years.
Opportunities, Threats, Risks & concerns

According to WTTC, the Travel and Tourism Industry globally is
expectedto grow by 4.3% in 2014. this continues to be higher than the
growth rates of other industries. With the rapid growth in domestic tourism and India becoming a
preferred travel destination for international tourists and the proposed new visa policy, the
outlook for the travel and tourism industry will be positive in 2014. Despite this, with the increase
in the supply of hotel rooms and falling Average Room Rates (ARR), margins will continue to be
under pressure. Escalating real estate prices, increasing cost of
energy, inadequate infrastructure development and lack of trained manpower
are some of the challenges that will need to be addressed urgently.
With a newly elected government at the centre and focus on infrastructure development, the
travel and tourism industry is expectedto receive a major
boost. The Oberoi Group, with its globally acclaimed hotels, world class services
and strong brand identity is ideally poised to take advantage of these opportunities.
Internal control Systems and Risk Management the Company has robust internal control
systems and procedures. the Internal Audit Department (IAD) of the Company continues to
conduct periodical audits of all business units to ensure that systems and procedures are followed
across all areas under the overall supervision and guidance of an Independent Audit Committee.
the Companys Risk Management team identifies potential risks associated with the Companys
38
business and periodically keeps the Board informed of such risks and the measures taken by the
Company to mitigate such risks.
Financial and Operating Performance

Inspite of weak demand and excess supply of rooms, the company
has not only achievedincreased revenue but also substantial increase in profitability
for the financial year 2013-14.
the Companys total Revenue was ` 12789.41 million compared to `11770.07 million in the previous
year, an increase of about 9%.
Earnings Before Interest, Depreciation, Taxation, Exceptional items
and Amortisation (eBIDtA) was ` 2792.67 million as compared to ` 2443.53
million in the previous year, an increase of about 14% .
Profit Before Tax was ` 1447.82 million compared to ` 718.30 million in the previous year, an
increase of about 102%.
The Profit After Tax was ` 950.41 million as compared to ` 509.64 million in
the previous year, an increase of about 87%. the Company continues to be largely engaged in
hospitality and related services.
Business consolidation and expansion

the oberoi, Dubai opened in June 2013 followed by trident, Hyderabad which opened in
september 2013. the oberoi, Dubai has been recognized for its distinctive service and all round
excellence in a very competitive market.
Construction of an Oberoi luxury beach resort in Ajman, UAE
is currently underway. the ocean front site is a 30 minute drive from
Dubai International Airport and is part of a prestigious luxury residential
and retail development project along with a 18 hole
golf course. the hotel will be managed by a wholly owned overseas subsidiary of the
company.
The Oberoi, Marrakech is under construction. The hotel will
have 84 luxury rooms. In addition to the hotel, oberoi branded villas for
sale are planned at the adjacent site. the hotel is scheduled to open in late 2015 and will be
managed by a wholly owned overseas subsidiary of the company.
Planning is underway for an oberoi Hotel located on a prime marina front site in the city of
Casablanca, Morocco. the hotel will be managed by a wholly owned overseas subsidiary of the
company.
Construction is currently underway for the oberoi, Chandigarh. Adjoining a 400 acre forest,
the 20 acre hotel site will consist of luxury villas
and tents with private swimming pools surrounded by
extensive landscaped gardens. The hotel will be managed
by the Company.
Planning for the Companys 55 acre beach front luxury
Oberoi hotel at Goa is currently under way. Government
and environmental approvals are in the process of being obtained.
Planning in respect of a new Oberoi Hotel along with luxury
branded residences on a lake front site in Bangalore is presently in
progress.
Construction of a trident Hotel in navi Mumbai is scheduled to commence shortly. the hotel
is located on a 6 acre site and has been
39
planned with extensive landscape gardens. the hotel will be managed
by the Company.
Planning for the oberoi, Pune is in progress. the hotel will be managed by the Company.
Awards
Oberoi Hotels & Resorts was voted the Worlds Highest Rated Luxury
Hotel Brand by ReviewPros 2014 Top Luxury Hotel &
Brand Report. The report also ranks Oberoi Hotels & Resorts the best
for service, value, location and cleanliness.
oberoi Hotels & Resorts was voted the Worlds Best Hotel Brand by travel + Leisure, Worlds
Best Awards, 2013 and was also voted WorldsLeading Luxury
Hotel Brand for the second consecutive year by World travel Awards 2013.
the oberoi Group was ranked 13th among Indias top 100 Companies to Work for and 2nd in the
Hospitality Industry for the year 2013. the recognition has come as part of the Indias Best
Companies to Work for 2013 study conducted by Great Place to Work Institute (GPtW).
Mr. P.R.s. oberoi received the Lifetime Achievement Award for Management by the All India
Management Association (AIMA) in February 2013.
some of the other major recognitions received by oberoi Hotels and Resorts during the financial year have
been:
Hotel Award Awarded By

the oberoi, Best Hotel in new Delhi DestinAsian Readers Choice
new Delhi, India Awards 2014
Indias Leading Business Hotel World travel Awards 2013
The Oberoi, Top 25 Luxury Hotels in TripAdvisor, Travellers
India Choice
Mumbai, India (Ranked 2nd) Awards 2014
top 25 Hotels in Asia tripAdvisor, travellers Choice
(Ranked 4th) Awards 2014
the oberoi Rajvilas, top 15 Resorts in Asia Travel + Leisure, Worlds Best
Jaipur, Rajasthan, India (Ranked 4th) Awards, Readers survey 2013
top Resorts in Asia for service Travel + Leisure, Worlds Best
(Ranked 4th) service Awards, Readers
survey 2013
top 15 Hotels in India Cond Nast Traveler, usA,
(Ranked 5th) Readers Choice Awards 2013
the oberoi Amarvilas, Indias Leading Resort World travel Awards 2013
Agra, uttar Pradesh, top 15 Hotels in India Cond Nast Traveler, usA,
India (Ranked 4th) Readers Choice Awards 2013
the oberoi Vanyavilas, top 25 small Hotels in India trip Advisor, travellers Choice
Ranthambhore, (Ranked 1st) Awards 2014
Rajasthan, India Top 25 Luxury Hotels in Trip Advisor, Travellers
India Choice
(Ranked 3rd) Awards 2014
Best Wildlife Resort in India Lonely Planet, the travel
(Ranked 1st) Awards 2013
the oberoi udaivilas, top 15 Resorts in Asia Travel + Leisure, Worlds Best
udaipur, Rajasthan, (Ranked 1st) Awards, Readers survey 2013
India top Resorts in Asia for service Travel + Leisure, Worlds Best
(Ranked 2nd) service Awards, Readers
survey 2013
40
top 10 Resorts in the Travel + Leisure, Worlds Best
World for service service Awards,
(Ranked 3rd) Readers survey 2013
Best Luxury Resort in Travel + Leisure, India & south
India
(Ranked 1st) Asia, Indias Best Awards 2013
top 15 Hotels in India Cond Nast Traveler, usA,
(Ranked 1st) Readers Choice Awards 2013
Top 25 Luxury Hotels in Trip Advisor, Travellers
India Choice
top 25 Hotels in India trip Advisor, travellers Choice
Wildflower Hall, top 25 Hotels for Romance in India trip Advisor, travellers Choice
shimla in the Himalayas, (Ranked 2nd) Awards 2014
Himachal Pradesh, India top 25 Hotels in India trip Advisor, travellers Choice
(Ranked 4th) Awards 2014
the oberoi, top 25 Hotels for Romance in egypt trip Advisor, travellers Choice sahl Hasheesh, Red
sea, (Ranked 5th) Awards 2014
egypt Favourite Resort/Hotel spas in Africa spa, usA, Readers Choice
and Middle east Awards 2010
( Ranked 5th )
the oberoi, Mauritius top 25 Hotels in Africa trip Advisor, travellers Choice
top 10 Hotels in Mauritius trip Advisor, travellers Choice
Hotel Award Awarded By

top 25 Hotels for Romance trip Advisor, travellers Choice
in Mauritius ( Ranked Awards 2014
1st )
the oberoi, Gurgaon Best Business Hotel in new Delhi Travel + Leisure, India &
Delhi national Capital south Asia, Indias Best
Region, India Awards 2013
Favourite Hotel Visited on Business Cond Nast Traveller, India,
in India Readers travel Awards 2013
Worlds Leading Luxury Hotel World Travel Awards 2013
Asias Leading Luxury Hotel World Travel Awards 2013
Best overseas Business Hotel Cond Nast Traveller, uK,
(Ranked 1st) Readers travel Awards 2013
top 30 City Hotels in Asia Travel + Leisure, Worlds Best
(Ranked 5th) Awards, Readers survey 2013
the oberoi, Dubai, the Best new Hotel Travel + Leisure, us, It List 2014
united Arab emirates the Best new Hotel in the World Cond Nast Traveller, uK, the
Hot List 2014
Middle Easts Leading Luxury World Travel Awards
City Hotel
Best new Business Hotel Business traveller Awards, Middle
east
41
trident, Gurgaon Hotel of the Decade HICsA 2014
Asias Leading Hotel for the World travel Awards 2013
Fifth consecutive year
Trident, Bandra Kurla, Certificate of Excellence TripAdvisor, 2013
Mumbai Best Business Hotel in India India today travel Plus 2010 -
2011
Favourite new Hotel in India Cond Nast Traveller, India,
(Ranked 2nd) Readers travel Awards 2011
corporate Social Responsibility
During the year, the Company has taken a number of initiatives in the area of Corporate social
Responsibility. the Company and its employees donated over Rs 60 lakhs to the Prime Ministers
Relief Fund for the uttarakhand flood relief. the oberoi, Bangalore closely worked with an nGo to
recycle used soap from the hotel and distribute them to the economically challenged. the oberoi,
new Delhi, under the aegis of the Ministry of tourism, Government of India, launched Hunar se
Rozgar tak, an eight week full time training programme in various departments to create
employee skills in youth in the age group of 18-25. Graduates were hired by the hotel. the oberoi,
new Delhi also employed differently abled persons in its operations team. the oberoi, Mumbai, in
association with Cancer Patients Aid Association (CPAA), Mumbai had organized a Programme
Khazana a festival of ghazals to raise funds for cancer patients. trident nariman Point,
Mumbai organized a Terry Fox Run, proceedsof which went
to charity. The Oberoi Grand, Kolkata organized many CsR events through
nGos, viz: sarada seva sangha, Purbachal udayan sangh, Kalyanbrata sangha, st. Josephs Home
etc. the oberoi, udaivilas, in association with the Animal Aid (hospital) launched social
programmes to rescue street animals in udaipur. It had also contributed to Mother teresa
orphanage and the Deaf and Dumb Institute. trident, Bandra Kurla closely worked with st.
Catherines of sienna orphanage to upgrade their kitchen facilities with a PnG connection and had
also organised a trunk show with People for ethical treatment of Animals (PetA) and Welfare of
stray Dogs (WsD). the oberoi, Vanyavilas has been involved with various initiatives to conserve
wildlife and to reward and recognize the forest guards, rangers and their family. the Hotel is also
involved in the tiger Watch Project for conservation of wildlife at the Ranthambore tiger Reserve.
Development in Human Resources and Industrial Relations

The Company firmly believes that its greatest strength lies in
the quality of its people and that its people philosophy gives it a
competitive edge. the oberoi Group has been ranked 13th amongst Indias top 100 companies to
work for by the Great Places to Work Institute as part of Indias Best Companies to work for
study 2013 covering 535 organisations. this recognition supports our belief that people are our
greatest asset.
Keeping the people focus in mind, the Company continuously strives to achieve this objective
by taking various Human Resources developmental initiatives, some of which are as follows:
Learning and Development plays a significant role and
is a partnership between corporate and hotel teams that together
focus on building employee competence and confidence. Learning and development
programs have been created and continue to be revised so as to positively affect all aspects
of employees career with the oberoi Group. We are continuously working on developing
content that will enable employees to attain competent performance standards and to grown
within the organisation.
The Oberoi Group Reward and Recognition Programme
was launched in 2013. The programme recognises outstanding
effort of employees across various parameters.
42
Employee engagement has always been a priority for the
Company. During the year, the Aon Hewitt employee engagement survey
was concluded. the overall engagement levels of employees across the group have
significantly improved, reflecting a strong commitment and faith employees have to the
organization.
The Oberoi Centre of Learning and Development (OCLD)
played an increasing important role, making its knowledge resources and
training faculty available to the hotels. 85 training sessions were conducted at 20 hotels by
faculty from the oCLD resulting in 1,415 additional training man days.
Industrial Relations remained stable throughout the year.
As on 31st March, 2014, the number of people employed by the Group was 9851.
new Delhi s.K. DAsGuPtA s.s. MuKHeRJI
30th May, 2014 Director Vice Chairman & Chief Executive Officer
REPORT ON cORPORATE GOvERNANcE
1. The companys Philosophy on code of Governance

the Companys philosophy on governance is documented in The Oberoi Dharma which is the
fundamental code of conduct of the Company and in its Mission Statement.
The texts of The Oberoi Dharma and the Mission Statement appear on
Pages 8 and 9 of this Annual Report.
2. Board of Directors
As on 31st March, 2014, the Company had twelve directors on the Board. Four Directors
are executive directors. Eight directors are non-executive
directors. Six of the non-executive directors are
Independent directors.
the Board met five times during the financial year on 30th May, 2013, 5th August, 2013, 30th
october, 2013, 30th January, 2014 and 25th March, 2014.
Details of attendance of directors at board meetings during the financial year and at the
Companys Sixty third Annual General Meeting together with the
number of other directorships and committee memberships held by them are as
follows:
Name Designation category Attendance No. of other No. of
Directorships* Board
committees
Board Last (other than
Meetings AGM EIH
Limited)
Mr. P.R.S. Executive Executive Yes 6 1**
Oberoi 4 Chairman
43
Mr. S.S. Vice Chairman Executive Yes 2 1
Mukherji 5
and Chief Executive Officer
Mr. Vikram oberoi Chief operating

Officer and Executive 5 yes 4 2
Joint
Managing
Director
Mr. Arjun oberoi Chief Planning
officer and Joint Executive 5 Yes 3 2
Managing
Director
Mr. s.K. Dasgupta Director Non-executive 5 Yes 3 1**
Independent
Mr. Rajan Director Non-executive 1 No 7 4**
Raheja
Independent $
Mr. Anil nehru Director Non-executive 5 No 4 4**
Independent
Mr. L. Ganesh Director Non-executive 5 Yes 10 9***
Independent
Mrs. Nita Director Non-Executive No Nil Nil
Mukesh
2(1)
Ambani non-Independent
Mrs. Renu Director Non-Executive
Sud
Karnad Independent yes 12 5@
4(3)
Mr. Manoj Director Non-Executive No 2 2**
44
2(1)
Harjivandas Modi non-Independent
Name Designation category Attendance No. of other No. of

Directorships* Board
committees
Board Last (other than
Meetings AGM EIH Limited)
Mr. Rajeev Gupta Director Non-Executive Independent 4

no 5 2
* Excludes directorships in private Companies

** Chairman of one Committee
*** Chairman of two Committees
@ Chairperson of three Committees
$ till 31-3-2014 the numbers in bracket represents meetings attended by electronic
mode
Mr Rajan Raheja has resigned from the Board of Directors of the Company on 20th May, 2014.
Mr. Manoj Harjivandas Modi retires by rotation at the forthcoming
Sixty fourth Annual General Meeting. He is eligible for re-appointment.
Mr. s.K. Dasgupta, Mr. L. Ganesh, Mrs. Renu sud Karnad, Mr. Anil nehru and Mr. Rajeev Gupta,
Independent Directors on the Board will be appointed as Independent Directors for a period of
5 years at the forthcoming Annual General Meeting in accordance with section 149(4) and (10)
of the Companies Act, 2013. In accordance with sub section (13) of section 149, these
independent directors will not retire by rotation.
Their particulars are enclosed as an Annexure
to the Notice convening the Sixty-fourth Annual General Meeting.
All Directors and Members of senior Management have, as on 31st March, 2014, affirmed their
compliance with:-
The Oberoi Dharma, the Fundamental Code of Conduct for all Members of the oberoi Group;
The Companys Code of Conduct for Prevention of
Insider Trading in its shares.
3. Audit committee
composition, Meetings and Attendance the Audit Committee comprises of four board
members, namely, Mr. s.K.Dasgupta, Mr. Arjun oberoi, Mr Rajan Raheja and Mr. Anil nehru.
Mr. Rajan Raheja has resigned from the Board on 20th May, 2014,
consequently ceased to be a member of the Audit
Committee. In his place Mr. L. Ganesh has been inducted as a Member of the Audit Committee.
The members of the audit committee except Mr.
Arjun Oberoi are non-executive independent directors. The
quorum for an audit committee meeting is two members
personally present. Mr. Dasgupta is the Chairperson of the committee. Mr Dasgupta is the
past President of the Institute of Chartered Accountants of India and has expert
knowledge in finance and accounting. All other members
of the committee are financially literate within the
meaning of explanation No.1 to Clause 49II(A)(ii) of the
listing agreement.
the audit committee met four times during the financial year on 28th May, 2013,
45
5th August, 2013, 30th october, 2013 and 30th January, 2014. Mr.Arjun oberoi, Mr.
s.K.Dasgupta and Mr. Anil nehru attended all four meetings. Mr. Rajan Raheja attended one
meeting.
The auditors, the chief internal auditor, the Vice Chairman
and Chief Executive officer, the Chief operating officer and Joint
Managing Director, Mr. L. Ganesh, Director and Chief Financial officer are invitees to the
Audit Committee Meetings. the Company secretary acts as the secretary to the Committee.
Terms of Reference
the terms of reference of the audit committee are in accordance with those specified in Clause 49
of the listing agreement and section 292A of the Companies Act, 1956/ section 177 of the
Companies Act, 2013.
4. Stakeholders Relationship committee (formerly Investors Grievances committee) the

Investors Grievances Committee has been renamed as stakeholders Relationship Committee.
Mr. s.K. Dasgupta is the Chairperson of the stakeholders Relationship Committee.
composition, Meetings & Attendance the stakeholders relationship committee comprises of

five directors viz. Mr. P.R.s. oberoi, Mr. s. s. Mukherji, Mr. s.K. Dasgupta, Mr. Vikram oberoi and
Mr. Arjun oberoi. Mr. s. n. sridhar, Company secretary, who is also the compliance officer of the
Company, acts as secretary to the committee.
The quorum for a meeting is two directors personally present.
Mr. S.K. Dasgupta, an independent non-executive director chairs
these meetings.
The Committee met six times during the financial year on 27th
May, 2013,
23rd July, 2013, 7th october, 2013, 4th December, 2013, 15th January, 2014 and 17th
February, 2014. Mr. S.K. Dasgupta and Mr.
S.S. Mukherji attended all six meetings.
Terms of Reference
the committee monitors the Companys response to investor complaints. It has also been
authorised to approve the issue of duplicate share certificates in lieu of those lost or
destroyed.
In accordance with the provisions of revised clause 49IV (G)(iv) of the listing agreement, the
power to approve transfers, transmissions, etc. of shares in the physical form has
been delegated to a committee of executives.
As on 31st March, 2014, nineteen requests for
dematerialisation of shares were pending. these were cleared in the first week
of April, 2014. there were 4 pending physical transfer requests as on 31st
March, 2014. All valid requests were cleared in the first week of
April, 2014.
Forty seven complaints were received from investors during the financial year. these complaints
related to non-receipt of dividend, annual reports etc. All the 47 complaints were resolved
during the year. there is no pending complaints as on 31 st March, 2014.
5. Nomination and Remuneration committee
composition, Meetings & Attendance
The Company had a Remuneration Committee

comprising of three non-executive independent directors viz. Mr. s.K.
Dasgupta, Mr. Anil nehru and Mr. L. Ganesh. the Remuneration Committee was constituted
46
to discharge the role assigned to it under Part-II, section-II of schedule XIII of the
Companies Act, 1956.
the Company has reconstituted the Remuneration Committee and renamed it as nomination
and Remuneration Committee in accordance with section 178 of the Companies Act, 2013
and Clause 49 of the listing agreement.
The reconstituted Committee comprises of three non-
executive independent directors viz. Mr. S.K.Dasgupta, Mr. Anil
Nehru and Mr. L. Ganesh and one Executive Director
viz. Mr. P.R.S. Oberoi, Executive Chairman.
The quorum for the meeting shall be two directors personally
present. the Company secretary acts as the secretary to the committee. the
Chairperson of the nomination and Remuneration Committee is Mr. Anil nehru.
Terms of Reference
Prior to re-constitution, the Remuneration Committees terms of reference was to discharge the
role assigned to it under Part-II, section-II of schedule XIII of the Companies Act, 1956.
There was no requirement for a meeting of the
Remuneration Committee (before reconstitution) during the financial year 2013-2014.
the terms of reference of the nomination and Remuneration Committee and its role is as
prescribed in sub-section (3) and (4) of section 178 of the Companies Act, 2013 and clause
49 of the listing agreement.
6. corporate Social Responsibility committee composition, Meetings and Attendance
the Corporate social Responsibility Committee (CsR committee) comprises of four members
of the Board namely, Mr. Rajeev Gupta (Independent Director), Mr. s.s.Mukherji, Mr.
Vikram oberoi and Mr. Arjun oberoi.
The quorum for a meeting of the CSR committee is
two members. Mr. S.S. Mukherji, Vice Chairman and
Chief Executive Officer is the Chairperson of the committee.
The committee will meet as and when required.There was
no occasion for a meeting during the financial year 2013-14.
7. Subsidiary companies
the names of the companys subsidiary companies appear on page 55 of this report.
No subsidiary company qualifies as a material
non listed Indian subsidiary as per the definition of a material
non listed Indian subsidiary in Clause 49 III of the listing agreement..
8. General Body Meetings

i) Location and time of the last three Annual General Meetings (AGMs) and Special
Resolutions passed at these Meetings:
Financial year Location Date time number of special
ended Resolutions passed
31st March, the oberoi 9th August, 11.30 A.M. none
2011
Grand, Kolkata 2011
31st March, the oberoi 7th August, 11.30 A.M. Reappointment of
47
2012
Grand, Kolkata 2012 Mr. P.R.s. oberoi
as Executive
Chairman
31st March, the oberoi 6th August, 11.30 A.M. none
2013
Grand, Kolkata 2013
ii) Special Resolution passed through postal ballot:
On 1st April, 2013 a Special Resolution was
passed with the requisite majority (99.96% votes in favour of the
resolution) for variation in the terms of appointment of Mr. P.R.S. Oberoi,
Executive Chairman.
iii) Person who conducted the postal ballot exercise

Mr. salil Banerjee, a Practicing Company secretary appointed as the scrutinizer, had conducted the
postal ballot voting process.
iv) Procedure for postal ballot

the postal ballot was conducted as per the procedure set out in section 192A of the Companies
Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules,
2011 and the Circular no. CIR/CFD/DIL/6/2012 dated 13th July, 2012 of
Securities and Exchange Board of India ( SEBI ).
v) Proposal to pass any Special Resolution through postal ballot

At present, there is no proposal to pass any special resolution by postal ballot.
9. Remuneration of Executive Directors
A. Salary and other Benefits
Salary Perquisites and
Retirement Benefits
`/million `/million
Mr. P.R.s. oberoi nil 0.65
Mr. s.s. Mukherji 18.00 0.19
Mr. Vikram oberoi 5.04 *3.48
Mr. Arjun oberoi 5.04 *3.05
B. commission on Profits (Accrued) `/million

Mr. P.R.s. oberoi 30.74
Mr. s.s. Mukherji 30.74
Mr. Vikram oberoi 11.53
Mr. Arjun oberoi 11.53
*As the future liability for gratuity and leave encashment is provided on actuarial basis for the
company as a whole, the amount pertaining to the directors is not ascertainable and not
included in the above figures.
Apart from sitting fee, no remuneration is paid to
non-executive Directors. Non-executive directors who attend Board
or committee meetings are paid a sitting fee of `
20,000 per meeting. During the financial year, the total amount paid to non-executive
48
directors for attending board and committee meetings
amounted to ` 8,60,000.
10.General Disclosures
i) A summary of transactions with related parties, in the ordinary course of business is placed before
the audit committee;
ii) there were no material individual transactions with related parties that were not in the ordinary
course of business during the financial year ended 31 st March, 2014;
iii) there were no materially significant transactions during the financial year with related parties such
as the promoters, directors, key managerial personnel, relatives or subsidiaries that could have
potential conflict of interest with the
Company;
iv) the mandatory disclosure of transactions with related parties, in compliance with the Accounting
standard (As-18) , forms part of this annual report;
v) none of the non-executive directors holds any shares in the
company;
vi) in preparing the annual accounts in respect of the financial year ended 31st March, 2014, no
accounting treatment was different from that prescribed in the Accounting standards;
vii)there was no instance of non-compliance on any matter relating to the capital markets during the
past three years; and
viii)the company has a code of conduct for prevention of insider trading in the shares of the company
for directors and other identified persons in accordance with the Securities and
Exchange Board of India (Prohibition of Insider Trading)
Regulations, 1992.
11.Means of communication
Annual reports in respect of each financial year are mailed to all shareholders in June/ July of
each calendar year. each report contains the annual accounts of the company in respect of the
financial year with the Directors and Auditors reports. Also included in each annual report
is the notice convening the Annual General Meeting, the financial years corporate
governance report and the cash flow statement together with the corresponding reports of
the auditors, the consolidated accounts and the Auditors report thereon.
the financial results of the Company were officially released or will be released in accordance with the
following schedule:
Sl. Nature of Media used Dates of Forwarded/to
be
No. communication for Publication forwarded to
Publication Stock
Exchanges on
1 Quarterly unaudited newspapers 7.08.2013 05.08.2013
Financial statements
(First Quarter 2013-2014)
2 Half-yearly unaudited newspapers 31.10.2013 30.10.2013
(second Quarter 2013-2014)
3 Quarterly unaudited newspapers 31.01.2014 30.01.2014
(third Quarter 2013-2014)
4 Annual Audited Financial newspapers on or before 30.05.2014
statements 2013-2014 01.06.2014
49
the Financial results are published in the economic times, the times of India, The Financial
Express, The Indian Express, BusinessStandard/Mint and Ekdin/ Eai Samay.
All corporate information filed by the Company
with the Stock Exchanges is uploaded on
www.corpfiling.co.in and can be viewed on this portal. the information is also available on
the Companys website www.eihltd.com
the Management Discussion and Analysis in respect of the Financial year forms part of the
Directors Report.
12. General Shareholder Information
a. The Sixty-fourth Annual General Meeting will be held at 11.30 A.M. on Wednesday, 6th August,
2014, at The Oberoi Grand, Kolkata.
b. The tentative Financial calendar is as follows:
Audited Annual Accounts for 2013-2014 Friday 30 th May, 2014
Mailing of Annual Report for 2013-2014 on or before 11th July, 2014
Friday 11th
July, 2014
unaudited First Quarter Financial
Results 2014-2015 tuesday 5 th August, 2014
Sixty-fourth Annual General Wednesday 6th August,
Meeting 2014
Payment of Dividend for 2013-2014 thursday 7 th August, 2014
unaudited second Quarter Financial
Results 2014-2015 thursday 30th october, 2014
c. Register of Shareholders the Register of shareholders will remain closed from Friday, 25th July,
2014 to Wednesday, 6th August, 2014, both days inclusive.
d. Payment of Dividend
Dividend warrants in respect of dividend for the financial year 2013-14, if declared
by the company at the sixty fourth Annual
General Meeting,will be dispatched on thursday, 7th August, 2014 to
those shareholders whose names will appear in the register of shareholders of the
company as at the close of business on thursday, 24th July, 2014.
e. Listing of Shares on Stock Exchanges
The Stock Exchanges with their respective Stock Codes
are as follows:
Name of the Stock Exchange Stock Code
The Calcutta Stock Exchange Ltd 05
The Bombay Stock Exchange Ltd 500840
The National Stock Exchange of India Ltd EIHOTEL
The London Stock Exchange EIHD
(In respect of outstanding Global Depositary Receipts) the IsIn number of the
Companys shares in the dematerialised mode is Ine 230A01023.
there are no arrears of Listing Fees.
f. Market Price of the companys Share versus Sensex and Nifty (in Rupees) the Companys
monthly share price pattern during the Financial year versus the Sensex and the
Nifty has been as follows :
50
A. The companys Share Price versus Sensex
B. The companys Share Price versus Nifty
(g) In accordance with Clause 5A of the Listing Agreement, the Company has opened a demat
account namely eIH Ltd.-unclaimed suspense A/c with ICICI Bank Limited. the shares
remaining unclaimed (after sending 3 (three) reminders as per the requirement)
and transferred to the said suspenseaccount are as
under:
no. of shareholders no of shares % of shareholders
3078 1440511 0.25
51
(h) In accordance with section 20 of the Companies Act, 2013 read with rule 35 Companies
(Incorporation) Rules, 2014 the Annual Report and Accounts, notices, Annual General
Meeting notice, Postal Ballot notice, circulars etc. will be sent by electronic transmission
to those shareholders whose e-mail addresses are made available to the company by the
shareholders and the depository. Documents e-mailed to shareholders will be available on
the companys website www.eihltd.com to enable shareholders to read
and download a copy if required.Physical copies of
the documents will be sent to those shareholders
who have made a specific request in writing for the same. For the year
2013-14, the Company will follow the same procedure.
13.Outstanding Global Depository Receipts

As on 31st March, 2014, the total shares held as global depository receipts is 0.33 million shares. this
constitute 0.06% of the total paid-up share capital of the company.
14.Share Transfers
The Company is a SEBI recognised category II
share transfer agent. Requests for dematerialisation and
rematerialisation should be sent to the Companys Investors services Division (IsD), 4,
Mangoe Lane, 6th Floor, Kolkata-700 001. the IsD of the Company is Iso 9001-2008
certified.
The Companys shares are traded on the stock exchanges in
the dematerialised form.
Shareholders are requested to ensure that their
depository participants (DPs) promptly send physical
documents, i.e., dematerialisation request form (DRF), share
certificates, etc., to the ISD by providing the
dematerialisation request number (DRn). Documents of transfer in the physical form,
i.e., the transfer deeds, share certificates, etc., should similarly be sent to the IsD.
As on 31st March, 2014, 559.22 million shares of the company (representing 97.84% of the
total shares issued) were held in the dematerialised form and 12.35 million shares
(representing 2.16% of the total shares) were held in the physical form. As on 31st March,
2014, the total number of shareholders are 83389 out of which 64,272 (77.07%) are holding
shares in a dematerialised form. the balance 19117 (22.93%) shareholders continue to hold
shares in the physical form.
15. Distribution of Shareholding as on 31st March, 2014
16.
52
Shareholding No. of % of No. of % of
Range Sh areholders Sha reholders Shares Shareholding
( in
million )
upto 1000 66,635 79.91 17.21 3.0
1001-5000 14,530 17.42 29.70 5.20
5001-10000 1,403 1.68 9.75 1.70
10001-50000 674 0.82 12.71 2.22
50001-100000 53 0.06 3.81 0.67
100001 and above 94 0.11 498.39 87.21
Total 83,389 100.00 571.57 100.00
Pattern of Shareho lding as on 31st March, 2014

category No. of Shares Percentage of
held ( in Shareholding
million )
Promoter Holding 201.44 35.24
Non-Promoter Holding
Institutional Investors
a. Mutual Funds 0.67 0.12
b. Banks, Financial Institutions and
Insurance Companies 69.53 12.16
c. FII 6.65 1.16
Sub Total 76.85 13.44
others
a. Private Corporate Bodies 216.86 37.94
b. Indian Public 74.46 13.03
c. nRIs/oCBs 1.63 0.29
d. other than above 0.33 0.06
Sub Total 293.28 51.32
Total Non-Promoter Holding 370.13 64.76
GRAND TOTAL 571.57 100.00
A.
B.
53
17.unclaimed Dividends
All unclaimed dividends upto and including the financial year ended 31st March, 2006, have
been transferred either to the general revenue account of the Central Government or to the
Investor education and Protection Fund (IePF) as mandated under law.
Pursuant to section 205C (3) of the Companies Act, 1956 read with Investor education and
Protection Fund (uploading of Information regarding unpaid and unclaimed amounts lying
with Companies) Rules, 2012 (IePF Rules), the company had filed Form 5 InV with the
Ministry of Corporate Affairs giving detailed information on unclaimed dividends for the
years 2007, 2008, 2009, 2010,2011,2012 and 2013. the information has also been uploaded
on the companys website www.eihltd.com .
Shareholders who have not encashed their dividend warrants
relating to the subsequent financial years are reminded by the Investors
services Division from time to time to claim their dividends before transfer
to the IEPF. Under the extant provisions of the
Companies Act, 2013, no claims shall lie against the IePF or the Company in respect of
individual dividend amounts which remain unclaimed for a period of 7 years from the date
of disbursement. shareholders who have not encashed their dividend warrants relating
to the financial year ended 31st March, 2007 and
subsequent years are requested to contact the Investors
Services Division.
18.Location of Hotels
A list of Hotels and other business units owned as well as managed by the Company appears as
an Annexure to this Report.
19.Address for correspondence the Companys Registered office and the Investors services Division are
located at 4 , Mangoe Lane, Kolkata -700 001.
Correspondence from shareholders on all matters should be addressed to :
the Investors services Division
eIH Limited 4, Mangoe Lane, Kolkata-700
001. telephone no. : 91-33-4000 2200
Fax Nos. : 91-33-2248 6785 / 91-33-
2242 0957 e-mail : isdho@oberoigroup.com
invcom@oberoigroup.com
20.compliance with clause 47(f) of the Listing Agreement

In compliance with Clause 47(f) of the Listing Agreement, a separate e-mail ID
invcom@oberoigroup.com operates as a dedicated ID solely for the purposes of registering
investor complaints.
21.Information as per clause 49Iv( G)(i) of the Listing Agreement

Information pursuant to clause 49IV(G)(i) of the listing agreement pertaining to particulars of
directors to be reappointed at the forthcoming Annual General Meeting is enclosed as
an annexure to the notice convening the Annual
General Meeting.
54
22.compliance certificate of the Auditors
the Company has obtained a Certificate from the statutory Auditors regarding compliance of
conditions of Corporate Governance as stipulated in Clause 49 of the Listing
Agreement. The Certificate is annexed.
new Delhi s.s. MuKHeRJI

30th May, 2014 Vice Chairman & Chief Executive Officer
Declaration by the vice chairman & chief Executive Officer under clause 49(I)(D)(ii) of the
listing agreement regarding adherence to the code of conduct.
In accordance with sub-clause I (D)(ii) of clause 49 of the listing agreement with the stock
Exchanges, I hereby confirm that all directors and senior
management personnel of the Company have affirmed compliance
with The Oberoi Dharma, the code of conduct, as applicable to them, for the financial year ended
31st March, 2014.
new Delhi s.s. MuKHeRJI 30th May, 2014 Vice Chairman & Chief Executive Officer List of
Subsidiary companies
A. companies Incorporated in India
(1) Mumtaz Hotels Limited
(2) Mashobra Resort Limited
(3) oberoi Kerala Hotels and Resorts Limited
(4) Mercury Car Rentals Limited (ceased to be a subsidiary with effect from
30.09.2013)
B. companies Not Incorporated in India

(1) eIH Flight services Ltd.
(2) eIH International Ltd.
(3) eIH Holdings Ltd.
(4) eIH Marrakech Ltd.
(5) J&W Hongkong Ltd.
(6) eIHH Corporation Ltd.
(7) eIH Investments nV
(8) eIH Management services BV
(9) Pt Widja Putra Karya
(10) Pt Waka oberoi Indonesia
(11) Pt Astina Graha ubud
Locations of the various Hotels and Other Business units
55
A. Hotels owned and managed by eIH Limited
the oberoi, Mumbai the oberoi udaivilas , udaipur the oberoi, new Delhi
the oberoi Vanyavilas , Ranthambhore the oberoi, Bangalore trident,
nariman Point, Mumbai the oberoi Grand, Kolkata trident, Bandra Kurla, Mumbai
B. Hotels owned through subsidiary/Associate Companies and managed by eIH Limited
the oberoi Amarvilas , Agra trident, Chennai the oberoi
Rajvilas , Jaipur trident, Agra Wildflower Hall, shimla
trident, Jaipur (An oberoi Resort) trident, udaipur the
oberoi Cecil, shimla trident, Cochin the oberoi, Bali trident,
Bhubaneswar
the oberoi, Lombok trident, Hyderabad the
oberoi, Mauritius the oberoi, sahl Hasheesh, egypt
C. Hotels managed by eIH Limited/subsidiary the oberoi, Gurgaon the oberoi, Dubai the oberoi
Zahra, nile Cruiser trident, Gurgaon
D. other Business units owned/jointly owned and managed by eIH Limited
Motor Vessel Vrinda, Cochin oberoi Flight services, Mumbai,
(A Luxury Cruiser) Delhi,
Chennai, Kolkata
Maidens Hotel, Delhi
Printing Press, Manesar, Gurgaon oberoi Airport services, Mumbai,
Kolkata,
Cochin,
Bangalore
Luxury Car Hire & Car Leasing
Business Aircraft Charters note:
eIH Limited has strategic/substantial investments in hotels owned by subsidiary/Associate Companies.

overseas hotels are managed through a foreign subsidiary.
LuxuryCar hire and Car Leasing business is managed through a
Jointly Controlled entity.
AuDITORS cERTIFIcATE
to the Members of
eIH Limited
We have examined the compliance of conditions of

Corporate Governance by EIH Limited for the year ended
on 31st March, 2014 as stipulated in clause 49 of the Listing Agreement of the said
Company with Stock Exchanges.
the compliance of conditions of Corporate Governance is the responsibility of the Management.

Our responsibility is limited to the examination of
the procedures and implementation thereof, adopted by the Company for
ensuring the compliance of the conditions of the Corporate Governance.
It is neither an audit nor an expression of
opinion on the Financial statements of the Company.
56
In our opinion and to the best of our information
and according to the explanations given to us and based on
the representations made by the Directors and the Management we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the above-mentioned
Listing Agreement.
We further state that such compliance is neither an assurance as to the future viability of the
Company nor the efficiency or effectiveness with which the Management has conducted the
affairs of the Company.
For RAy & RAy

Chartered Accountants
Firms Registration number 301072e
A.K. sharma new Delhi Partner 30th May, 2014 Membership number 80085
SEcRETARIAL AuDIT REPORT
the Board of Directors

eIH Ltd 4 , Mangoe Lane
Kolkata - 700001
I have examined the registers, records and documents of
EIH Ltd (the Company) for the financial year ended March 31,
2014 according to the provisions of -
The Companies Act, 1956 and the Rules made under that
Act;
The Depositories Act, 1996 and the Regulations and
bye-laws framed under that Act;
The following Regulations and Guidelines prescribed under
the Securities and Exchange Board of India 1992 (SEBI
Act)
The Securities and Exchange Board of
India (Substantial Acquisition of Shares and
takeovers) Regulations, 2011;
The Securities and Exchange Board of India
(Prohibition of Insider Trading ) Regulations, 1992;
The Securities and Exchange Board of
India (Issue of Capital and Disclosure
Requirements) Regulations, 2009 ;
The Securities Contracts (Regulation) Act,
1956 (SCRA), the Rules made under that Act; and
The Equity Listing Agreements with Bombay Stock
Exchange Limited,
National Stock Exchange of India Limited, Calcutta Stock
Exchange and GDR Listing Agreement with London Stock
Exchange.
57
1. Based on my examination and verification of the
registers, records and documents produced to me
and according to the information and explanations
given to me by the Company, I report that the Company has, in my opinion,
complied with the provisions of the Companies Act, 1956 (the Act) and the Rules made
under the Act and the Memorandum and Articles of Association of the Company, with
regard to:
(a) maintenance of various statutory registers and documents and making necessary entries therein;
(b) closure of the Register of Members;
(c) forms, returns, documents and resolutions required to be
filed with the Registrar of Companies and Central Government;
(d) service of documents by the Company on its Members, Auditors and Registrar of Companies;
(e) notice of Board meetings and Committee meetings of Directors;
(f) the meetings of Directors and Committees of Directors including passing of resolutions by
circulations;
(g) the 63rd Annual General Meeting held on 6th August, 2013.
(h) minutes of proceedings of General Meetings and of Board and its Committee meetings;
(i) approvals of the Members, the Board of Directors, the Committee of Directors and
Government authorities wherever required;
(j) constitution of the Board of Directors / Committee(s) of Directors and appointment, retirement and
re-appointment of Directors.
(k) payment of remuneration to the Directors including the Managing Director and Whole time
Directors;
(l) appointment and remuneration of Auditors;
(m)transfers and transmissions of the Companys shares, issue and allotment of
shares and issue and delivery of original and duplicate certificates of shares;
(n) declaration and payment of dividends;
(o) transfer of certain amounts as required under the Act to the
Investor Education and Protection Fund;
(p) borrowings in accordance with section 292 of the Act;
(q) registrations, modification and satisfaction of charges;
(r) investments of the Companys funds including inter corporate loans and investments and loans to
others;
(s) giving guarantees in connection with loans taken by subsidiaries and associate companies;
(t) form of balance sheet as prescribed under Part I of schedule VI to the Act and requirements
as to Profit and Loss Account as per Part II of
the said schedule;
(u) Boards Report;
(v) contracts, common seal, registered office and publication of name of the Company; and
(w) generally, all other applicable provisions of the Act and rules made there under.
2. I further report that:
58
(a) the Directors have complied with the requirements as
to disclosure of interests and concerns in contracts and arrangements,
shareholdings and directorships in other Companies and interests in other entities;
(b) the Directors have complied with the disclosure
requirements in respect of their eligibility of appointment and they being
independent;
(c) the Directors have complied with the disclosure
requirements that they are not disqualified by virtue of
provisions contained in Section 274(1)(g) of the Act;
(d) the Company has obtained all necessary approvals under the various provisions of the Act; and
(e) there was no prosecution initiated and no fines or penalties were imposed during the year under
review under the Companies Act, seBI Act, sCRA, Depositories Act, Listing Agreement and Rules,
Regulations and guidelines framed under these Acts against / on the Company, its Directors and
officers.
3. I further report that the Company has complied with the provisions of the Depositories
Act, 1996 and the bye - laws framed there under by the Depositories with regard to
dematerialization / rematerialization of securities and reconciliation of records of
dematerialized securities with all securities issued by the Company.
4. I further report that:
(a) the Company has complied with the requirements under
the Equity Listing Agreements entered into with the Bombay Stock
Exchange Limited, the National Stock Exchange of India Limited,
Calcutta Stock Exchange Limited and GDR Listing Agreement with
London Stock Exchange;
(b) the Company has complied with the provisions of
the Securities and Exchange Board of India (Substantial
Acquisition of shares and Takeovers) Regulations, 2011 including the
provisions with regard to disclosures and maintenance of records required under the
Regulations;
(c) the Company has complied with the provisions of the securities and Exchange Board of
India (Prohibition of Insider Trading) Regulations, 1992 including the
provisions with regard to disclosures and maintenance of records required under the
Regulations;
sALIL BAneRJee 21st May, 2014 FCs: 2288, C P no.1140 STATEMENT PuRSuANT TO
SEcTION 212(1)(e) OF THE cOMPANIES AcT, 1956
Particulars EIH Mashobra Mumtaz EIH Flight Oberoi EIH Holdings EIH
International Resort Hotels Services Kerala Hotels Ltd Marrakech
Ltd Limited India Limited Limited & Resorts British virgin Ltd.
British virgin India Mauritius Limited Islands British virgin
Islands Islands
India
Financial year ending of the 31.03.14 31.03.14 31.03.14 31.03.14 31.03.14 31.03.14 31.03.14
subsidiary
59
no. of shares held in the 93,607,800 25,999,995 12,390,000 35,338,006 2,176,000 34,085,714 100 ordinary
subsidiary Company or by ordinary shares of Equity Equity ordinary Equity ordinary shares shares of
subsidiary Company in the us $1 each fully shares of of us $1 each
sub-subsidiary Company Mauritian us $1 each fully paid-up
paid-up Shares of Shares of Shares
at the end of financial Rupee 10 fully paid-up
year of the subsidiary or Rs.10 Rs. 10 each of
each fully
sub-subsidiary Company as the each fully fully paid-up Rs. 10 each
paid-up
paid-up fully paid-up
case may be
Extent of 100.00% 78.79% 60.00% 100.00% 80.00% 100.00% 100.00 %

Holding as
on 31st
March, 2014
us$ ` in ` in Mauritian ` in us$ in Million us$ in Million
in Million Million Million Rupees in Million
Million
net aggregate amount, so far as
it concerns members of the
holding Company, and is not
dealt with in the Companys
accounts, of the subsidiarys
profits/(losses)
a) For the subsidiary 0.32 40.83 94.13 (68.95) 0.02 0.64 -
Companys financial
year ended 31st March,
2014
b) For the subsidiary 1.30 (506.16) 229.18 (404.02) (6.84) 7.39 -
Companys
previous financial years
holding Company, and is dealt
with in the Companys accounts,
of the subsidiarys profits/
(losses)
a) For the subsidiary 1.00 - 61.95 - - - -
Companys financial
2014
b) For the subsidiary 13.28 - 340.73 - - - -
Companys previous
financial years
STATEMENT PuRSuANT TO SEcTION 212(1)(e) OF THE cOMPANIES AcT, 1956

Particulars J&W EIHH EIH EIH PT Widja PT Waka PT Astina
Hongkong corporation Investments Management Putra Karya Oberoi Graha ubud
Ltd Ltd N.v. Services B.v. Indonesia Indonesia Indonesia
Hong Kong Hong Kong Netherlands The Indonesia
Antilles Netherlands
Financial year ending of the 31.03.14 31.03.14 31.03.14 31.03.14 31.03.14 31.03.14 31.03.14
subsidiary
no. of shares held in the 10,000,000 100 ordinary 6,000 364 shares of 7,749 shares 107,689 1,560
subsidiary Company or by ordinary shares of Common euros 50 each of shares of ordinary
subsidiary Company in the shares of $HK 1 each shares of us$ Rp 100,000 Rp 180,000 shares of us$
sub-subsidiary Company at us $1 each 1 each each each 1000 each
the end of financial year of fully paid-up
the subsidiary or
sub-subsidiary Company as the
case may be
Extent of 100.00% 100.00% 100.00% 100.00% 70.00% 83.23% 60.00 %

Holding as
on 31st March,
2014
us$ in Million us$ in Million us$ in Million euro in Million Indonesian Indonesian Indonesian
Rupiah in Rupiah in Rupiah in
Million Million Million
60
holding Company, and is not
dealt with in the Companys
profits/(losses)
a) For the subsidiary 0.06 0.18 0.81 12,595.88 (34,602.21)
Companys
financial year ended
31st March,
2014
b) For the subsidiary 0.13 0.69 14,993.71 (217,916.84)
Companys previous
financial years
holding Company, and is dealt
with in the Companys
profits/(losses)
a) For the subsidiary
Companys financial
2014
b) For the subsidiary
Companys previous
financial years
sAMIt GuHA s. s. MuKHeRJI Vice Chairman and Chief Executive Officer
Chief Financial Officer

VIKRAM oBeRoI Chief Operating Officer and Joint Managing Director
new Delhi s.n. sRIDHAR ARJun oBeRoI Chief Planning Officer and Joint Managing Director
30th May, 2014 Company Secretary s. K. DAsGuPtA Director
Independent AudItors report
to the Members
of eIH Limited
Report on the Financial Statements
We have audited the accompanying financial statements of eIH Limited (the Company), which comprise
the Balance sheet as at 31st March, 2014, and the statement of profit and Loss and Cash Flow statement for
the year then ended, and a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view of
the financial position, financial performance and cash flows of the Company in accordance with the
accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act).
this responsibility includes the design, implementation and maintenance of internal control relevant to the
preparation and fair presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors Responsibility
our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with the standards on Auditing issued by the Institute of Chartered Accountants of
India. those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. the procedures selected depend on the auditors judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the Companys preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys
internal control.
61
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial
statements give the information required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India:
a) in the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2014;
b) in the case of the statement of profit and Loss, of the profit for the year ended on that date; and
c) in the case of the Cash Flow statement, of the cash flows for the year ended on that date.
Emphasis of Matter
We draw attention to note 39 to the Financial statements relating to the stay order given by the High Court of
Himachal pradesh against the issue and offer of shares by Mashobra resort Limited to the Company against
the advances made by the Company thereby making such adjustment of the advances dependent upon the
Honble High Courts decision. our opinion is not qualified in this respect.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors report) order, 2003, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Companies Act 1956
(the Act), we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations, which, to the best of our knowledge and belief, were
necessary for the purposes of our audit;
b. in our opinion, proper books of account as required by law have been kept by the Company so far as appears
from our examination of those books;
c. the Balance sheet, statement of profit and Loss and Cash Flow statement dealt with by this report are in
agreement with the books of account;
d. in our opinion, the Balance sheet, statement of profit and Loss and Cash Flow
statement dealt with by this report comply with the Accounting standards referred to in sub-section (3C) of
section 211 of the Act;
e. on the basis of written representations received from the directors as on 31st March, 2014 and taken on record by
the Board of directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of the Act;
For rAY & rAY

Firms registration number 301072e
A.K. sHArMA new delhi Partner 30th May, 2014 Membership number 80085
ANNEXURE TO INDEPENDENT AUDITORS REPORT
(referred to in paragraph 1 under the heading report on other Legal and regulatory requirements of our
report of even date)
i (a) the Company have maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
(b) All the assets have not been physically verified by the Management during the year but
there is a regular programme of verification which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. the discrepancies noticed on
such verification which were not material have been properly dealt with in the books of
accounts.
62
(c) the fixed assets disposed off during the year, in our opinion, do not constitute a substantial
part of the fixed assets of the Company and such disposal has, in our opinion, not affected
the going concern status of the Company.
ii (a) As explained to us, inventories have been physically verified by the Management
during the year at reasonable intervals. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations given to us, the
procedures of physical verification of inventories followed by the Management were
reasonable and adequate in relation to the size of the Company and the nature of its
business.
(c) the Company is maintaining proper records of inventory. the discrepancies noticed on
verification between the physical stocks and the book records were not material.
iii (a) the Company has not granted any loans, secured or unsecured, to companies, firms or
other parties covered in the register maintained under section 301 of the Act.
(b) In view of our comments in paragraph iii (a) above, the provisions of Clauses iii (b), iii (c)
and iii (d) of paragraph 4 of the aforesaid order are not applicable to the Company.
(c) the Company has not taken any loan, secured or unsecured, from companies, firms or other
parties covered in the register maintained under section 301 of the Act.
(d) In view of our comment in paragraph iii (c) above, clauses iii (f) and iii (g) of paragraph 4
of the aforesaid order are not applicable to the Company.
iv In our opinion and according to the information and explanations given to us, there exists
an adequate internal control system commensurate with the size of the Company and the
nature of its business with regard to purchase of inventory, fixed assets and with regard to
the sale of goods and services. during the course of our audit, we have not observed any
continuing failure to correct major weaknesses in the internal control system of the
Company.
v According to the information and explanations given to us, we are of the opinion that no
particulars of contracts or arrangements that need to be entered into the register maintained
under section 301 of the Act. According, clause v(b) of paragraph 4 of the aforesaid order is
not applicable to the Company.
vi the Company has not accepted any deposit from the public during the year under sections
58A and 58AA of the Act and the Companies (Acceptance of deposits) rules, 1975.
According to information and explanations given to us, no order has been passed by the
Company Law Board or the national Company Law tribunal or the reserve Bank of India or
any Court or any other tribunal.
vii In our opinion, the Company has an internal audit system commensurate with the size of
the Company and nature of its business.
viii the Central Government has not prescribed maintenance of cost records under section 209
(1)(d) of the Act for the Company.
ix (a) the Company is generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, investor education and protection fund,
employees state insurance, income tax, value added tax/sales tax, wealth tax, service tax,
customs duty, excise duty, cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, there are no undisputed amount
payable in respect of income tax, wealth tax, service tax, value added tax/sales tax, customs
duty, excise duty and cess which were outstanding as at 31st March, 2014 for a period of
more than six months from the date they became payable.
63
(c) According to the information and explanations given to us, the following dues of income
tax, value added tax/sales tax, customs duty, excise duty and service tax have not been
deposited by the Company on account of disputes:
Sl.No. Name of the Statute Nature of Forum where Amount

the dues dispute is (Rupees in
pending Million)
1 Income tax Act, 1961 Income CIt (Appeals), Kolkata for 295.02
tax Assessment Years 2000-2001,
2005-2006, 2006-2007,
2007-2008, 2008-2009 and
2010-2011
ItAt, Kolkata for 422.48
Assessment Years 2002-2003,
2003-2004, 2004-2005,
2006-2007, 2008-2009 and
2009-2010
totAL 717.50

pending Million)
2. Income tax Act, 1961 14.59
tax deducted CIt (Appeals), delhi for at source

Assessment Years 2004-2005
to 2007-2008, 2010-2011 and
2011-2012
13.84
CIt (Appeals), Mumbai for

Assessment Years 2009-2010, and
2010-2011
dCIt (Appeals), delhi for Assessment 0.44

Years 2011-2012
totAL 28.87
3. Value Added tax of VAt/ Maharashtra sales tax 11.98

various states sales tax tribunal/Joint Commissioner of
sales tax Appeals,
Mumbai for 1999-2000, 2002-2003,
2008-2009 and 2009-2010
64
Commissioner of sales tax, Mumbai 3.07
for 2005-2006
sr. Joint Commissioner of sales 0.62

tax & VAt, Kolkata for 2009-
2010
12.52
Additional Commissioner of sales

tax & Vat, Kolkata for
2007-2008, 2008-2009 and 2010-
2011
Joint Commissioner of sales tax 10.57

appeals, Kolkata for
2005-2006, 2007-2008, 2009-2010
and 2010-2011
totAL 38.76
4. Customs Act, 1962 Customs CestAt tribunal, delhi for 429.66

duty 2008-2009
totAL 429.66
5. Central excise excise Commissioner (Appeals) of 3.53
Act, 1944 duty Central excise, Mumbai for
2002-2004
Customs, excise & service tax 69.53

Appellate tribunal, Mumbai for
2005-2006

pending Million)
Customs, excise & service tax 26.01
Appellate tribunal, delhi for 2004-
2005 and 2005-2006
totAL 99.07
65
6. Central excise service tax Various show Cause notices 60.53
Act, 1944 served for 2004-2007 and 2009-
2011 and replied
Commissioner of Central excise 0.27
(Appeal-I), Kolkata 2001-2006
Commissioner of service tax, 22.71

Kolkata for 2009-2010 to 2011-2012
Joint Commissioner of Central 1.11

excise (Appeals), Cochin for 2004-
2006
Commissioner of service tax, delhi 6.40

for 2007-2008 to 2009-2010
Custom excise and service tax 6.69

Appellate tribunal, new delhi for
2011-2012
Commissioner of service tax, delhi 30.81

for 2003-2004 to 2006-2007
Commissioner of service tax, 4.08

Kolkata for 2008-2009 to 2011-2012
totAL 132.60
x the Company has no accumulated losses and has not incurred any cash loss during the year
covered by our report and in the immediately preceding financial year.
xi In our opinion and according to the information and explanations given to us, the Company
has not defaulted in repayment of dues to financial institutions and banks. there are no
debenture holders.
xii the Company has not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other similar securities.
xiii In our opinion and according to the information and explanations given to us, the Company
is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly, the provisions of
Clause (xiii) of paragraph 4 of the aforesaid order are not applicable to the Company.
xiv In our opinion and according to the information and explanations given to us, the Company
is not dealing in or trading in shares, securities, debentures and other investments.
Accordingly, the provisions of Clause (xiv) of paragraph 4 of the aforesaid order are not
applicable to the Company.
66
xv the Company has given guarantees for loans taken by its subsidiary company from banks
and financial institutions. According to the information and explanations given to us, we
are of the opinion that the terms and conditions on which the Company has given
guarantees for loans taken from banks and financial institutions are not, prima-facie,
prejudicial to the interest of the Company.
xvi According to the information and explanations given to us, the term loans raised by the
Company have been applied for the purpose for which they were raised.
xviiAccording to the information and explanations given to us and on an overall examination
of the Balance sheet of the Company, we report that no funds raised on short-term basis
have been used for long-term investments.
xviiiAccording to the information and explanations given to us, the Company has not made any
preferential allotment of shares to parties and companies/firms covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of
clause (xviii) of paragraph 4 of the aforesaid order are not applicable to the Company.
xix the Company has not issued unsecured debentures during the year under audit.
Accordingly, the provisions of clause (xix) of paragraph 4 of the aforesaid order are not
xx the Company has not raised any money by way of public issue during the year.
Accordingly, the provisions of clause (xx) of paragraph 4 of the aforesaid order are not
xxi According to the information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For rAY & rAY

Firms registration number 301072e
A.K. sHArMA new delhi Partner 30th May, 2014 Membership number 80085
Balance sheet as at 31st
March, 2014
As at 31st March
2014
note Rupees Rupees rupees EQUITY AND LIABILITIES Million Million
Million
67
FIXed A ssets
t A n GIBLe A ssets 12 20,676.46 21,162.57
I ntA n GIBLe A ssets 12 4.30 4.18
CApI t AL Wor K-I n- proG ress 456.84 399.80
non- C urrent I n V estM ents 13 7,039.50 7,057.30
L onG ter M Lo A ns A nd Ad VAnCes 14 3,311.93 3,214.88
ot H er non-C urrent A ssets 15
31,489.03 31,838.73
CURRENT ASSETS
I n V entorI es 16 397.50 341.15
tr A de reCe IVABLes 17 1,701.24 1,735.63
CAs H A nd BAn K BALAnCes 18 164.60 203.64
sH ort ter M Lo A ns A nd Ad VAnCes 19 370.90 251.95
ot H er C urrent A ssets 20 4.16 37.62
2,638.40 2,569.99
T OTAL 34,127.43 34,408.72
NON-CURRENT ASSETS
notes to tHe ACCounts

ForM An InteGrAL pArt oF tHe BALAnCe sHeet
this is the Balance sheet referred to in

our report of even date.
For rAY & rAY
A.K. sHArMA
Partner
Membership number 80085
new delhi, 30th May, 2014

sAMIt GuHA s. s.
MuKHerJI Vice
Chairman and Chief Executive
Officer

VIKrAM oBeroI Chief
Operating Officer and Joint
Managing Director
s.n. srIdHAr ArJun oBeroI
Chief Planning Officer and Joint
Managing Director
Company Secretary s. K.
dAsGuptA Director
68
statement of profit and Loss for the year
ended 31st March, 2014
note rupees
Million
INCOME
reVenue FroM operAtIons 21 12,305.40 11,334.98
ot H er I nC o Me 22 484.01
tot AL reV enue 12,789.41
EXPENSES
ConsuMptIon oF proVIsIons, WInes & otHers 23 1,886.04 1,686.31
eMpLoYee BeneFIt eXpenses 24 3,525.85 3,289.34
FIn A nCe C osts 25 406.50 450.13
depreCIAtI on A nd AM ortIsAtI on eX pense 26 991.75 1,007.48
ot H er eX penses 27 4,584.85 4,350.89
tot AL eX penses 11,394.99 10,784.15
PROFIT BEFORE EXCEPTIONAL,
EXTRAORDINARY
ITEMS
1,394.42 985.92
AND TAX
e XC eptI on AL IteMs - proFIt / (L oss) 28 118.44 (150.66)
PROFIT BEFORE
E XTRAORDINARY
ITEMS AND TAX 1,512.86 835.26
eX tr A ordI n A r Y I te Ms - (Loss) 29 (65.04) (116.96)
PROFIT BEFORE TAX 1,447.82 718.30
TAX
C urrent tAX 30 311.72 101.49
deF erred t AX 185.69 107.17
PROFIT FOR THE PERIOD 950.41 509.64
BAs IC A nd d IL uted eA rnI nGs per s HA re 41

(in rupees) Face Value ` 2
BeFore eXtrAordInArY IteMs AFter 1.78 1.10
eXtrAordInArY IteMs 1.66 0.89
notes to tHe ACCounts

ForM An InteGrAL pArt oF tHe stAteMent oF proFIt And Loss
this is the statement of profit & Loss referred

to in our report of even date.
For rAY & rAY

A.K. sHArMA sAMIt GuHA s. s. MuKHerJI Vice Chairman and Chief Executive Officer
Partner Chief Financial Officer
VIKrAM oBeroI Chief Operating Officer and Joint Managing Director
Membership number 80085 Chief Planning Officer and Joint Managing Director
s.n. srIdHAr ArJun oBeroI
Director
new delhi, 30th May, 2014 Company Secretary s. K. dAsGuptA
For rAY & rAY s . s . Mu
Cash Flow statement
69
KH erJI
for the year ended 31st March, 2014
rupees
Million
A. CASH FLOW FROM OPERATING ACTIVITIES
profit before tax 1,447.82 718.30
Adjustments for:
depreciation 991.75 1,007.48
(profit) / Loss on sale/diminution in value of Investments (net) (53.40) 116.96
(profit) / Loss on sale of Fixed Assets (net) 21.59 70.13
Interest Income (10.75) (60.98)
dividend Income (257.06) (141.64)
Interest expenditure 406.50 450.13
operating profit before Working Capital Changes 2,546.45 2,160.38

Adjustments for:
trade & other receivables (85.74) (760.80)
Inventories (56.34) (9.94)
trade & other payables 191.45 87.93
Cash Generated from
o perations 2,595.82 1,477.57
p ayment of
d irecttaxes (375.95) (141.44)
n et cash from
o perating Activities 2,219.87 1,336.13
B. CASH FLOW FROM INVESTING ACTIVITIES

purchase of Fixed Assets (634.47) (971.75)
sale of Fixed Assets 20.07 44.60
purchase of Investments (109.61) (681.40)
sale of Investments 180.81 116.91
Loan to subsidiary Companies - 45.17
Advance towards equity 1.60 -
Interest received 10.98 61.85
dividend received 257.06 141.64
Changes in other bank balances (4.49) 6.62
Cash used in Investing Activities (278.05) (1,236.36)
Cash Flow statement for the year ended 31st

March, 2014 Contd.
201
3
rupees
Million
C. CASH FLOW FROM FINANCING ACTIVITIES

proceeds from Borrowings
70
Long term - 2 ,200.00
Cash Credit - 653.02
short term 750.00 500.00
repayment of
Long term (400.00) (1,700.00)

Cash Credit (339.55) -
short term (1,000.00) (500.00)
Interest paid (414.83) (442.48)
dividend paid (513.47) (627.68)
tax on dividend (67.50) (91.95) net Cash used in Financing Activities (9.09) net Increase/(decrease) in Cash & Cash equivalents
(A+B+C) 90.68 Cash and Cash equivalents at beginning of year 75.98 Cash and Cash equivalents (1,985.35) at end of year 166.66
(43.53)
Notes : 166.66
1. the Cash Flow statement has been prepared in indirect method except in case of dividend 123.13
income, purchase and
sale of investments which have been considered on the basis of actual cash movement, with corresponding adjustments in Assets and
Liabilities.
2. Additions to Fixed Assets are stated inclusive of movements of Capital Work-In-progress between the beginning and end of the year and
treated as part of Investing Activities.
this is the Cash Flow statement referred to

in our report of even date.
For rAY & rAY sAMIt GuHA s. s. MuKHerJI Vice Chairman and Chief Executive Officer
A.K. sHArMA Chief Financial Officer
VIKrAM oBeroI Chief Operating Officer and Joint Managing Director
Partner s.n. srIdHAr ArJun oBeroI Chief Planning Officer and Joint Managing Director
Membership number 80085
Company Secretary s. K. dAsGuptA Director
new delhi, 30th May, 2014
otes to Accounts
1
SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION OF FINANCIAL STATEMENTS

the Financial statements are prepared on accrual basis under the historical cost convention (except where impairment is made and revaluation is
carried out) on the basis of going concern and is in accordance with Accounting standards notified under the Companies (Accounting standards)
rules, 2006 pursuant to section 211 (3C) of the Companies Act, 1956.
USE OF ESTIMATES
In preparing the Financial statements in conformity with accounting principles generally accepted in India, Management is required to make
estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of
Financial statements and the amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any
revision to such estimates is recognised in the period the same is determined.
PRIOR PERIOD ADJUSTMENTS, EXCEPTIONAL ITEMS, EXTRAORDINARY ITEMS AND CHANGES IN ACCOUNTING
POLICIES
prior period adjustments, exceptional items, extraordinary items and changes in accounting policies having material impact on the financial affairs
of the Company are disclosed.
FIXED ASSETS
71
tangible Assets are stated at cost of acquisition or construction and in case of revaluation of assets at revalued amounts net of impairment loss if
any, less depreciation/amortisation. Cost represents direct expenses incured on acquisition or construction of the assets and the share of indirect
expenses relating to construction allocated in proportion to the direct cost involved.
Assets acquired under lease are capitalised at the present value of minimum lease payments and are stated at the capitalised value net of
accumulated depreciation.
Capital work-in-progress comprises the cost of fixed assets that are not yet ready for their intended use on the reporting date and materials at site.
Intangible Assets are stated at cost less accumulated amortisation and net of impairments, if any. An intangible asset is recognised if it is probable
that the expected future economic benefits that are attributable to the asset will flow to the Company and its cost can be measured reliably.
Intangible assets having finite useful lives are amortised on straight line basis over their estimated useful lives.
DEPRECIATION
depreciation on fixed assets other than land, certain buildings on leasehold lands and leased vehicles and machinery is provided on straight Line
Method at the rates prescribed under schedule XIV of the Companies Act, 1956. Certain fixed assets including leased vehicles and leased
machinery, building installed on leasehold land (other than on perpetual lease) are depreciated over the lives of the respective leases or over the
remaining lease period from the date of installation whichever is shorter. Vehicles acquired on lease are depreciated over their respective lease
period or sixty months from the date of acquisition whichever is earlier. Long term Leasehold land (other than on perpetual lease) are depreciated
over the balance period of lease, commencing from the date the land is put to use for commercial purposes. the additional depreciation on the
increase in the value of assets due to revaluation is adjusted against revaluation reserve.
REVENUE RECOGNITION
revenue from hospitality services is recognised when the services are rendered and the same becomes chargeable. revenue from sale of
printed and other materials is recognised on despatch of materials.revenue from shop Licence Fee, Management and Marketing Fee included
under other services is recognised on accrual basis as per terms of contract.
revenue from interest is accrued and recognised on time basis and determined by contractual rate of interest.
dividend income is stated at gross and is recognised when right to receive payment is established.
IMPAIRMENT OF ASSETS
Impairment is ascertained at each Balance sheet date in respect of the Companys fixed assets. An impairment loss is recognised whenever the
carrying amount of an asset or cash generating unit exceeds its recoverable amount.
LEASES
In respect of assets acquired on or after 1st April, 2001, the same are capitalized at the lower of the fair value and present value of the minimum
lease payments at the inception of the lease term. Lease payments are apportioned between the interest charges and reduction of the lease liability
so as to achieve a constant rate of interest on the remaining balance of the liability. Interest component is charged to the statement of profit and
Loss under Finance costs. operating lease payments are recognized as expenditure in the statement of profit and Loss on straight line basis, over the
lease period.
INVESTMENTS
Investments held by the Company which are long term in nature are stated at cost unless there is any permanent diminution in value where
provision for diminution is made on individual investment basis. Current investments are valued at cost or market price or fair value, whichever is
lower. earnings on investments are accounted for on accrual basis.
INVENTORIES
Inventories are valued at cost which is based on First-In-First-out method or net realisable value, whichever is lower. unserviceable/
damaged/discarded stocks and shortages are charged to the statement of profit and Loss.
TRANSACTIONS IN FOREIGN CURRENCY

sales made in foreign currency are converted at the prevailing applicable exchange rate. Gain/Loss arising out of fluctuations in exchange rate is
accounted for on realisation.
payments made in foreign currency including for acquiring investments are converted at the applicable rate prevailing on the date of remittance.
Liability on account of foreign currency is converted at the exchange rate prevailing at the end of the year. Monetary items denominated in foreign
currency are converted at the exchange rate prevailing at the end of the year.
revenue expenditure of all the overseas sales offices are converted at the average exchange rate for the year. Assets and liabilities other than Fixed
Assets are converted at the exchange rate prevailing at the close of the accounting year and Fixed Assets are converted at the month-end exchange
rate of the month of acquisition.
Foreign currency loans covered by forward contracts are realigned at the forward contract rates, while those not covered by forward contracts are
realigned at the rates ruling at the year end. the differences on realignment is accounted for in the statement of profit and Loss.
EMPLOYEE BENEFITS
short term employee Benefit is recognized as expense in the statement of profit and Loss of the year in which related service is rendered. post
employment and other Long term employee Benefits are provided in the Accounts in the following manner:
(i) Gratuity - Maintained as a defined benefit retirement plan and contribution is made to the Life Insurance Corporation of India, as per
Companys scheme. provision/ write back, if any, is made on the basis of the present value of the liability as at the Balance sheet date
determined by actuarial valuation following projected unit Credit Method and is treated as liability under other Current Liability.
(ii) Leave encashment on termination of service - As per actuarial valuation as at the Balance sheet date following projected unit Credit Method.
72
(iii) provident Fund - provident Fund for most of the employees is a defined Contribution scheme, where the contribution is made to a Fund
administered by the Government provident Fund Authority.
For a few employees, provident Fund, administered by a recognised trust, is a defined Benefit plan wherein the employee and the Company make
monthly contributions. pending the issuance of Guidance note from the Actuarial society of India, actuarial valuation is not carried out and the
Company provides for required liability at year end, in respect of the shortfall, if any, upon confirmation from the trustees of such Fund.
BORROWING COST
Borrowing cost that is attributable to the acquisition / construction of fixed assets are capitalised as part of the cost of the respective assets. other
borrowing costs are recognised as expenses in the year in which they arise.
SHARE ISSUE EXPENSES

share issue expenses are written off against the securities premium Account in accordance with section 78 of the Companies Act, 1956.
TAXES ON INCOME
Income-tax is accounted for in accordance with Accounting standard on Accounting for taxes on income notified under the Companies
(Accounting standards) rules, 2006.
Minimum Alternate tax (MAt) is accounted for in accordance with tax laws which give rise to future economic benefits in the form of tax credit
against which future income tax liability is adjusted and is recognized as an asset in the balance sheet.
deferred tax is provided and recognized on timing differences between taxable income and accounting income subject to prudential consideration.
deferred tax assets on unabsorbed depreciation and carry forward of losses are not recognized unless there is virtual certainity about availability of
future taxable income to realize such assets.
PROPOSED DIVIDEND
dividend recommended by the Board of directors is provided for in the Accounts pending shareholders approval.
PROVISIONS CONTINGENT LIABILITES AND CONTINGENT ASSETS

provisions are recognized when there is a present legal or statutory obligation as a result of past events and where it is probable that there will be
outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.
Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or nonoccurrence of one or
more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future
outflow of resources or where a reliable estimate of the obligation cannot be made. obligations are assessed on an on going basis and only those
having a largely probable outflow of resources are provided for. Contingent Assets are not recognised in the Financial statements.
As at 31st March
2014 2013
Rupees rupees
Million Million
2
SHARE CAPITAL
AutHorIsed
equity shares of ` 2 each 3,000.00 3,000.00
1,500,000,000
(2013 - 1,500,000,000)
3,000.00
3,000.00
Issued, suBsCrIBed & FuLLY pAId up

571,569,414 equity shares of ` 2 each 1,143.14 1,143.14
(2013 - 571,569,414)
1,143.14 a)
1,143.14
reconciliation of share Capital :
As at 31st March
2014
2013
Number of Shares ` in Million number of shares ` in Million
73
Balance at the beginning of the year 571,569,414 1,143.14 571,569,414 1,143.14
Add :s hares issued during the year
Balance at the end of the year 571,569,414 1,143.14 571,569,414 1,143.14
b) the Company has one class of equity shares having a par value of ` 2 per share. these shares rank pari passu in all respects including voting
rights and entitlement to dividend.
c) shares held by shareholders holding more than 5 percent shares in the Company :
As at 31st March
2014
2013
Number of Shares % holding number of shares % holding
(1) reliance Industries Investment and

Holding Limited 105,907,273 18.53 105,907,273 18.53
(2) ItC Limited 85,621,473 14.98 85,621,473 14.98
(3) oberoi Hotels private Limited 83,646,328 14.63 83,646,328 14.63
(4) Life Insurance Corporation of India 34,747,348 6.08 34,747,348 6.08
(5) oberoi Holdings private Limited 35,257,278 6.17 35,257,278 6.17
(6) oberoi Investments private Limited 29,968,293 5.24 29,968,293 5.24
As at 31st March
Rupees
Million Million
3
RESERVES AND SURPLUS
CApItAL redeMptIon reserVe
As per last Account 1,024.21 1,024.21
seCurItIes preMIuM ACCount

74
r e VALu AtI on r eserVe
Less : Adjustment for
d epreciationn (ote 36b) 29.99 29.99
2,232.53 2,262.52
GenerAL r eserVe
Add : t ransfer from
p rofit & Loss Account 150.00 150.00
6,450.00 6,300.00
p ro FI t A nd Loss ACC ount
Add :p rofit during the year ass per
tatement of
p rofit & Loss 950.41 509.64
4,096.37 3,877.87
Less : Allocations / Appropriations
t ransfer to General
r eserve 150.00 150.00
p roposedd ividend on
e quitys hares 628.73 514.41
t ax ond ividend 65.07 67.50
3,252.57
25,332.72
dividend of ` 1.10 per share (2013 - ` 0.90 per share) amounting to ` 628.73 Million (2013 - ` 514.41 Million) has been recommended by the
Board of directors. this dividend will be paid to the shareholders if approved at the forthcoming Annual General Meeting.
As at 31st March
Rupees
Million Million
4
LONG TERM BORROWINGS
secured Loan from Bank

ICICI Bank Limited (ICICI) 1,000.00 1,400.00
Longt erm maturity of Finance Lease

o bligations 35.17 42.82
1,035.17 1,442.82
PARTICULARS OF TERM LOANS :

(i) term Loan from ICICI carries interest at the rate of 1.5% above banks base rate, repayble in quarterly installments of ` 100 million each.
repayment will be complete in July 2017.
(ii) the Finance Lease obligations are secured by hypothecation of vehicles taken under Lease. repayments are done by equated monthly
installment over 36 to 60 months.
PARTICULARS OF SECURITIES :
term loan from ICICI is secured by way of equitable mortgage by deposit of title deeds in respect of the Companys hotel in delhi known as
Maidens Hotel, ranking pari passu.
75
5
DEFERRED TAX LIABILITIES - NET
deferred tax Liabilities on account of :
d epreciation 2,075.60 1,905.43

d eferredt ax Assets on account of :
Accruede xpensesd eductible on
p ayment 54.93 42.90
Leavee ncashment 24.20 18.66
p rovision For
d ebts, Advances and Investments 71.91 105.00
151.04 166.56
d eferredt ax Liabilitiesnet)
( 1,924.56 1,738.87
As at 31st March
Million
6
OTHER LONG TERM LIABILITIES
Liability for Capital expenditure 0.29 2.90
s ecurityd eposits 20.42 29.64
20.71 32.54
7
LONG TERM PROVISIONS
Leave encashment 150.82 128.64
128.64
150.82
8
SHORT-TERM BORROWINGS
seCured
short term Loan From Banks
the Hongkong & shanghai Banking Corporation Limited (HsBC) 450.00 200.00
ICICI Bank Limited (ICICI) 1,000.00
Cash Credit From Banks
united Bank of India 201.97 621.66
the Hongkong & shanghai Banking Corporation Limited (HsBC) 212.44 132.30
unseCured
From Bank
Axis Bank Limited 500.00
1,953.96
1,364.41
PARTICULARS OF SHORT TERM BORROWINGS :

Cash credit facilities and short term loan from HsBC are secured by way of hypothecation of all stock of Inventories, book debts and other current
assets of the company, both present and future, ranking pari passu. Cash credit with united Bank of India is additionally secured by way of second
76
charge in respect of the companys hotel in Kolkata known as the oberoi Grand. Cash Credit is repayable on demand and carries interest at floating
rate linked to the base rates of the respective banks.
short term loan from HsBC carries interest at the rate of 10.90% and short term unsecured loan from AXIs Bank Limited carries interest at the rate
of 1% above banks base rate.
As at 31st March
Million Million
9
TRADE PAYABLES total outstanding dues of Micro enterprises and small enterprises (note 33) 3.24 4.10
total o utstanding dues of Creditors other than

e nterprises
Micro
ands malle nterprises 741.55 671.70
744.79 675.80
10
OTHER CURRENT LIABILITIES
Current Maturities of Long term debt 400.00 400.00
Current Maturities of Finance Lease obligations 26.95 81.81
Interest accrued but not due on borrowings 2.30 10.63
Advance from Customer 243.76 192.60
unclaimed dividend 31.75 30.81
unclaimed Fractional share sale proceeds (against Bonus Issue) 0.18 0.19
other payables
Contribution payable towards Gratuity Fund 36.85 12.12

Liability for Capital expenditure 41.55 43.92
security deposits 70.36 106.14
others (includes taxes payable ` 213.58 Million (2013 - ` 239.23 Million) 835.13 691.34
1,569.56
1,688.83
11
SHORT TERM PROVISIONS
Leave encashment 14.18 22.68
proposed dividend on equity shares 628.73 514.41
tax on dividend 65.07 67.50
Wealth tax (net of advance) 14.30 12.70
617.29
722.28
77
2013
March,
As at 31st
2014March,
on CK
I t o
CK L
o CIA
As at 31st L
et B epre Gross B
2014March,
As at 31st
upees in Million
SSETS
d
n
A
IXED
ales/
Adjustments
s F
Less:
Year
For the r
12
2013March,
As at 31st
as at 2014
31st
evaluation
March,
riginal Cost/
r
o
ales/
Adjustments
s
Additions
as at 2013
31st
evaluation
March,
riginal Cost/
78
o
Million Million
13
NON-CURRENT INVESTMENTS
Investments In Equity Instruments
Trade Investments
Quoted -
25,000 (2013 - 25,000) equity shares of ` 10 each of
tourism Finance Corporation of India Limited fully paid 0.50 0.50
Associate
11,215,118 (2013 - 11,215,118) equity shares of ` 10 each of
eIH Associated Hotels Limited fully paid 1,010.72 1,010.72
Unquoted -
Joint Ventures nil (2013 - 18,720,000) equity shares of ` 10
187.20 Airport Hotel Limited fully paid
each of L&t Bangalore
Less: provision for diminution in 116.96 value of investments
70.24
Golden Jubilee Hotels Limited fully paid 418.58 373.58
7,907,612 (2013 - nil) equity shares of ` 10 each of
Mercury Car rentals private Limited fully paid (note 32) 150.00 _
Subsidiary Companies
93,607,800 (2013 - 93,607,800) equity shares of $1 each of
eIH International Limited fully paid 4,215.79 4,215.79
Mashobra resort Limited fully paid 260.04 260.04
oberoi Kerala Hotels and resorts Limited fully paid 21.76 21.76
Mumtaz Hotels Limited fully paid 394.72 394.72
nil (2013 - 10,085,137) equity shares of ` 10 each of
Mercury Car rentals private Limited fully paid (note 32) 142.93
35,338,006 (2013 - 35,338,006) equity shares of Mauritius
rupees 10 each of eIH Flight services Limited, Mauritius fully paid 547.89 547.89
Other Investments : Unquoted

Mercury travels Limited fully paid 18.70 18.70
Green Infra Wind Generation Limited fully paid 0.18 0.18
3,200 (2013 - nil) equity shares of ` 10 each of
renew Wind energy (Karnataka) pvt. Ltd. fully paid 0.32
Investment in Government Securities (Unquoted) Non Trade national savings Certificate (lodged with Government Authorities as security deposit)
0.30 0.25
7,057.30
7,039.50
Book Value Market Value

rupees rupees
Million Million
Quoted 1,011.22 1,794.45
(1,011.22) (1,244.29)
unquoted 6,028.28
(6,046.08)
7,039.50
(7,057.30)
( Figures in brackets represent figures for 2013)
79
Rupees
14
LONG TERM LOANS AND ADVANCES (Unsecured)
( Considered good unless otherwise stated )
Loans and Advances to related parties
Advances towards
e quity ins ubsidiary Companies :
Mashobrar esort Limited
n ote
( 39) 1,361.93 1,361.93
o beroi Kerala Hotels and
r esorts Limited 1.60
1,361.93 1,363.5
3
Loans and Advances to others
Capital Advances 7.27 6.2
5
Advances recoverable in cash or in kind or for value to be received 50.27 57.13
other Advances recoverable - considered doubtful 188.42 188.6
2
sundry deposits 957.74 912.3
3
prepaid expenses 7.70 12.85
Income tax Advance/refund (net of provision) 818.30 681.6
6
MAt credit entitlement 108.72 181.13
3,500.35 3,403.50
Less:p rovision for
d oubtful Advances 188.42 188.62
3,311.93 3,214.88
15
OTHER NON-CURRENT ASSETS
Long term trade receivables (unsecured)
Considered doubtful 22.31 18.01
22.31
Less:p rovision for
d oubtfuldebts 22.31

18.01
18.01

16
INVENTORIES
( At Lower of cost and net realisable value )
provisions, Wines & others 205.55 165.79
(includes stock lying with third party ` 4.72 Million (2013 - ` 8.89 Million)
s tores &o perating s upplies 191.95 175.36
397.50 341.15
1,735.63
80
Rupees
1,701.71
Less:p rovision for
d oubtfuldebts Million Million
0.47 Million
17 1,701.24
TRADE RECEIVABLES (Unsecured)
outstanding for a period exceeding six months
from the due date - Considered good 139.20 46.58
other debts - Considered good 50.84 1,562.04 1,689.05
72.21
- Considered doubtful 0.47

34.06
1,735.63
9.55
18
CASH & BANK BALANCES
Cash & Cash equivalents
Cash in hand 16.79
Cheques in hand 39.31
Balances with Banks
Current Accounts 52.28
Fixed deposits with maturity within 3 months 14.75
123.13 166.66
other Bank Balances
Fixed deposits maturiting within 3-12 months 6.12 1.10
Margin deposits 3.42 4.88
unpaid dividend Accounts 31.75 30.81
escrow Accounts / Fractional share sale proceeds (against Bonus Issue) 0.18 0.19
203.64
164.60
19
SHORT-TERM LOANS AND ADVANCES
unsecured-Considered good
Advances recoverable in cash or in kind or for value to be received
related parties 2.41 1.75
others 170.41 172.82 85.53
109.60 p repaide xpenses 116.76
s undryd eposits 81.32 55.07
370.90 251.95
20
OTHER CURRENT ASSETS
Interest Accrued on deposits 1.75 1.99
other receivables - Considered good (unsecured) 2.41 35.63
37.62
4.16
Year ended 31st March
2014
Rupees Rupees rupees
21
REVENUE FROM OPERATIONS
rooms 4,576.52 4,356.24
Food and Beverage 5,554.97 4,622.11
other services 1,624.35 1,852.69
81
s
506.69
12,310.85 11,337.73
Less:excised uty (on certain printed materials) 5.45 2.75
12,305.40 11,334.98
ale of printed Materials 555.01
22
OTHER INCOME
Interest 10.75 60.98
(includes interest from Income tax ` 0.90 Million (2013 - ` 46.08 Million)
dividend
From subsidiary Companies - Long term Investments (trade) 245.82 117.25
From others - Long term Investments (trade) 11.24 21.24 From Mutual Fund -
Current Investments (non-trade) 3.15
257.06 141.64
Miscellaneous Income 210.42 229.89
Gain on exchange 5.78 2.58
435.09
484.01
23
CONSUMPTION OF PROVISIONS, WINES
& OTHERS
opening stock 165.79 159.44
Add: purchases 1,925.80 1,692.66
2,091.59
1,852.10
Less : Closingstock 205.55
165.79
1,886.04 1,686.31
24
EMPLOYEE BENEFIT EXPENSES
salaries & Wages 3,126.91 2,934.79
Contribution to provident Fund and other Funds 187.01 151.10
staff Welfare expenses 211.93 203.45
3,289.34
3,525.85
Rupees Rupees
25
FINANCE COSTS
Interest expense 406.50 450.13
450.13
406.50
26
DEPRECIATION AND AMORTISATION
tangible Assets 990.68 1,006.32
Intangible Assets 1.07 1.16
991.75 1,007.48
82
27
OTHER EXPENSES
power & Fuel 1,033.66 947.98
rent 279.37 237.55
repairs :
Buildings 164.13 127.03
p lant & Machinery 367.46 338.00
o thers 120.36 132.69
651.95 597.72
Insurance 34.91 33.79
rates & taxes 431.88 421.97
expenses on Apartment & Board 191.46 172.49
royalty 111.29 104.68
Advertisement, publicity & other promotional expenses 295.55 322.32
Commission to travel Agents & others 194.96 162.41
passage & travelling 357.59 338.09
postage, telephone, etc. 110.35 122.49
professional Charges 97.33 154.38
Linen, uniform Washing & Laundry expenses 35.53 36.56
renewals & replacement 105.43 87.37
Musical, Banquet & Kitchen expenses 86.21 77.1
1
Auditors remuneration (note 40) 13.63 11.3
6
directors Fees and Commission 85.39 55.93
Loss on sale/discard of Assets etc. (net) 21.59 70.13
provision/write off : debts & Advances 5.24 4.81
Write off : Investments 0.50
Miscellaneous expenses 441.53 391.25
4,350.89
4,584.85
2014 Rupees rupees
Million Million
28
EXCEPTIONAL ITEMS
profit on sale of Investment (note 32) 118.44
p ropertytax (150.66)
( relating to earlier years on settlement of) litigation
118.44 (150.66)
29
EXTRAORDINARY ITEMS
L&t Bangalore International Airport Hotel Limited ( BAHL ), a joint venture with L&t urban Infrastructure Limited started construction of a hotel
on the land alloted by Bangalore International Airport Limited ( BIAL ) pursuant to the framework agreement with them. the same had to be
abandoned due to extraordinary circumstances involving refusal by Airport Authority of India (AAI) to permit the agreed height of the building as
per Framework Agreement. BIAL also failed to honour their commitment to give additional land to compensate the reduction in height. BAHL
went for arbitration proceedings and the Arbitral tribunal gave an award directing BIAL to take over the incomplete building and pay compensation
fixed by the tribunal. BAHL accounted for the resultant loss in its accounts for the year ended 31.03.2013. Consequently, there was a diminution in
the value of Companys investments to the extent of ` 116.96 million which was shown as extraordinary item in the accounts for the year ended
31.03.2013. during the current year, BAHL and BIAL came to a mutual understanding which involved both the joint venture partners selling their
shares in BAHL to BIAL. the sale of shares have been completed, resulting in total loss of ` 182.00 million. Accordingly the balance loss of `
65.04 million has been shown as extraordinary item during the year ended 31.03.2014.
83
30
CURRENT TAX
Income tax 311.72 150.71
Less :MAt credit entitlement 21.44
311.72 129.27
Add :t ax adjustment relating to earlier years after final assessment (27.78)
311.72 101.49
31. (A) Contingent Liabilities and commitments (to the extent not provided) -
(i) Claims against the Company pending appellate/judicial decisions not acknowledged as debts :
(a) Value Added tax ` 38.76 Million (2013 - ` 20.08 Million)
(b) Income-tax ` 717.50 Million (2013 - ` 603.90 Million)
(c) tax deducted at source ` 28.87 Million (2013 - ` 14.16 Million)
(d) service tax ` 132.60 Million (2013 - ` 103.71 Million)
(e) property tax ` 50.43 Million (2013 - ` 5.93 Million)
(f) entertainment tax ` 4.31 Million (2013 - ` 10.45 Million )
(g) Customs duty ` 429.66 Million (2013 - ` 429.66 Million)
(h) employees state Insurance dues ` nil (2013 - ` 1.57 Million)
(i) excise duty ` 99.07 Million (2013 - ` 99.07 Million) (j) others ` 13.48 Million (2013 - ` 15.36 Million)
(ii) Guarantees :
(a) Guarantees given to Banks & Financial Institutions for ` 1,199.19 Million (2013 - ` 1,086.89 Million) against financial facilities availed by
the subsidiary companies.
(b) Counter guarantees issued to banks and remaining outstanding ` 199.45 Million (2013 - ` 32.72 Million).
(B) Commitments:
a. the estimated amount of contracts remaining to be executed on capital account and not provided for net of advances `
581.64 Million (2013 - ` 602.23 Million).
b. Investment commitment in subsidiary and joint venture companies ` 365.63 Million (2013 - ` 424.63 Million)
32. the Company sold part of its shareholding in Mercury Car rentals Limited (MCrL) to the other joint venture partner on 30.09.2013. the
profit arising from this sale has been shown as exceptional item during the year ended 31.03.2014. As a result of this sale Companys
ownership interest in MCrL was reduced from 66.67% to 40% and MCrL ceased to be a subsidiary of the Company with effect from
30.09.2013. subsequently, with effect from 17.01.2014 MCrL was converted to a private limited company.
33. details of dues to Micro enterprises and small enterprises as defined under Micro, small & Medium enterprises development Act, 2006 are
given below. this is based on information made available to the Company.
As at As at
31st March, 2014 31st March, 2013
Rupees rupees Million Million
principal amount remaining unpaid 3.24 4.10
there was neither any delay in payment nor any interest is due and remaining unpaid on the above.
84
notes to Accounts Contd.
34. defined Benefit plans/Long term Compensated Absences on 31st March, 2014 as per Actuarial Valuations using projected unit Credit
Method and recognised in the Financial statements in respect of employee Benefit schemes:
(rupees in Million)
Year ended 31st March, 2014 Year ended 31st March, 2013
Gratuity Leave Gratuity Leave
Encashment encashment
(Funded) (Unfunded) (Funded) (unfunded)
I Components of Employer Expenses
1 Current service Cost 25.60 33.10 22.92 40.73
2 Interest Cost 30.40 10.27 31.97 11.95
3 expected return on plan Assets (36.27) (38.36)
4 Curtailment Cost/(Credit)
5 settlement Cost/(Credit)
6 past service Cost
7 Actuarial Losses/(Gains) 41.04 16.24 18.48 (19.97)
8 Total expenses recognised in the Statement of
Profit and Loss 60.77 59.61 35.01 32.71
the Gratuity expenses have been recognised in Contribution to provident Fund and other Funds and Leave encashment in salaries & Wages.
II Net Asset / (Liability) recognised in Balance
Sheet as at 31st March, 2014
1 present Value of defined Benefit obligation 447.67 165.00 406.17 151.32
2 Fair Value of plan Assets 410.82 394.05
3 status [surplus/(deficit)] (36.85) (165.00) (12.12) (151.32)
4 unrecognised past service Cost
5 Net Asset/(Liability) recognised in Balance Sheet (36.85) (165.00) (12.12) (151.32)
III Change in Defined Benefit Obligations (DBO) during
the year ended 31st March, 2014
1 present Value of dBo at the beginning of year 406.17 151.32 399.58 149.36
2 Current service Cost 25.60 33.10 22.92 40.73
3 Interest Cost 30.40 10.27 31.97 11.95
4 Curtailment Cost/(Credit)
5 settlement Cost/(Credit)
6 plan Amendments
7 Acquisitions
8 Actuarial (Gains)/Losses 37.87 16.24 18.48 (19.97)
9 Benefits paid (52.37) (45.93) (66.78) (30.75)
10 Present Value of DBO at the end of year 447.67 165.00 406.17 151.32
IV Change in Fair Value of Assets during the year ended
31st March, 2014
85
1 plan Assets at the beginning of year 394.05 366.42

2 Acquisition Adjustment
3 Actuarial return on plan Assets 36.27 38.36
4 Actuarial Gains/(Losses) (3.16)
5 Actual Company Contribution 36.03 56.05
6 Benefits paid (52.37) (66.78)
7 Plan Assets at the end of year 410.82 394.05
V Investments Details
Invested with LIC in Group Gratuity scheme
VI Actuarial Assumptions
1 discount rate (%) 8.50% 8.50% 8.00% 8.00 %
2 expected rate of return 8.50% 9.40%
3 salary escalation (%) 3.00% 3.00% 3.00% 3.00 %
4 Mortality Indian assured lives mortality Indian assured lives mortality
(2006-08) (modified) ultimate (1994-96) (modified) ultimate
(rupees in Million)
Year ended
Year ended Year ended Year ended Year ended
31st March, 2014 31st March, 2013 31st March, 2012 31st March, 2011 31st March, 2010
Gratuity Leave Gratuity Leave Gratuity Leave G ratuity Leave Gratuity Leave
encashment encashment encashment encashment
Encashment
(Funded) (Funded) (unfunded) (Funded) (unfunded) (Funded) (unfunded) (Funded) (unfunded)
(Unfunded)
VII. net Asset/ (Liability)
recognised in Balance sheet
(including experience
adjustment impact)
1. present Value of
defined Benefit
obligation 447.67 165.00 406.17 151.32 399.58 149.36 362.74 137.76 311.55 116.88
2. Fair Value of
plan Assets 394.05 366.42 317.45 294.11
410.82
3. status [surplus/
(deficit)] (36.85) (165.00) (12.12) (151.32) (33.16) (149.36) (45.29) (137.76) (17.44) (116.88)
4. experience
Adjustments on plan
Liabilities
[Gain/(Loss)] (16.24) (18.48) 19.97 (37.84) 7.86 (50.23) (4.47) (22.23) 21.45
(37.87)
5. experience Adjustments
on plan Assets
[Gain/(Loss)]
(3.16)
35. (a) Freehold/Leasehold Land of perpetual nature and Buildings at some locations were revalued on 31st March, 1982 and 31st March, 1993
resulting in a surplus of ` 2,863.88 Million which is included in the original cost. the valuation was carried out by an approved valuer on the
basis of depreciated replacement cost. the surplus was transferred to revaluation reserve.
(b) Buildings include construction cost of 850 car parking spaces amounting to ` 292.81 Million which as per the lease agreement dated
4th May, 2001 with MMrd Authority will have to be transferred to the said Authority through a licence agreement for a licence fee of re.1 per
annum as a condition precedent to the lease of the land for the Companys hotel in Mumbai known as trident, Bandra Kurla.
(c) By virtue of West Bengal estate Land Acquisition Act, 1953, the Company became the owner of Leasehold Land of erstwhile the oberoi,
Mount everest at darjeeling which has been included in Freehold Land during the year at a nominal value.
86
36. (a) depreciation has been provided for in the Accounts on straight Line Method at the rates prescribed in schedule XIV to the Companies
Act, 1956 except for specific assets which are depreciated over the useful lives of the assets, which are not less than those prescribed under
the Companies Act, 1956.
(b) depreciation for the year as per Fixed Assets schedule (note-12) includes ` 29.99 Million (2013 - ` 29.99 Million) being depreciation on the
increased value of building due to the effect of revaluation and, accordingly, the same has been adjusted from revaluation reserve
Account.
37. Fixed Assets acquired under finance lease amounted to ` 369.20 Million (2013 - ` 391.32 Million) being assets acquired between 1st April,
2001 to 31st March, 2014. these include an amount of ` 26.03 Million (2013 - ` 32.74 Million) being assets acquired during the year under
finance lease and capitalised in line with the requirements of Accounting standard (As-19). depreciation for the year includes an amount of `
84.45 Million (2013 - ` 120.93 Million) being depreciation charged on these assets.
the year-wise break-up of the outstandings as on 31st March, 2014 in respect of these assets are as under:
2014 2013
Rupees rupees
Million Million
Assets taken on lease
total Minimum Lease payments at the year end 78.31 146.26
present value of Minimum Lease payments 62.12 124.63
Not later than one year
Minimum Lease payments 35.48 92.44
present value 32.47 85.53
Later than one year but not later than five years
Minimum Lease payments 42.83 53.82
present value 29.65 39.10
Later than five years
Minimum Lease payments
present value
38. d
(As
-19) isclosures in respect of Companys operating lease arrangements entered on or after 1st April, 2001 under Accounting s tandard on
a) Leases.
the Company gives shops located at various hotels on operating lease arrangements. these leases are generally not noncancellable in
nature and may generally be terminated by either party by serving notice. s ome shops have been given under non-cancellable
operating lease, the future minimum lease payments recoverable by the company are as under:
2014 2013
Rupees rupees
Million Million
As Lessor
not later than one year 110.12 134.54
Later than one year but not later than five years 106.76 162.84
Later than five years rent in respect of the above is credited to the statement of 71.02 78.42
profit and Loss.
87
b) t he Company has entered into operating lease arrangements primarily for office premises, site
offices, airport/flight services and residential premises for its employees. t hese leases are
generally not non-cancellable in nature and may generally be terminated by either party by
serving a notice. t he future minimum lease payments payable by the company for office space
taken under non-cancellable operating lease, are as under:-
2014 2013
Rupees rupees
Million Million
As Lessee
Later than five years rent in respect of the above is charged to the statement of profit and
Loss.
39. In the case of Mashobra resort Limited (MrL), several disputes with the Government of Himachal pradesh, the joint venture partner, were
referred by the High Court of Himachal pradesh on 17th december, 2003 to an arbitral tribunal consisting of a single arbitrator whose award
has been challenged by both the Company and MrL, amongst others. the operation of the arbitration award has been stayed pending
substantive hearing of the applications by the High Court. Consequently, the status quo ante of the entire matter stands restored to the position
as on 17th december, 2003 and the hotel is being operated by MrL accordingly. the Company vide its letter dated 4th April, 2012 requested
MrL to account for the entire amount of ` 1,361.93 Million provided to MrL upto 31st March, 2012 as Advance towards equity, including `
130.00 Million being the opening balance of Advance towards equity. In view of the above, the Company has shown the said amount of `
1,361.93 Million as Advance towards equity in its books.
An extraordinary general meeting of MrL was called on 14.10.2010 to pass a resolution for issue and offer of equity shares of MrL to the Company
against the above advance for shares. the Government of Himachal pradesh obtained a stay order from the High Court of Himachal pradesh
and the passing of the said resolution was deferred by the High Court. Consequently the issue of equity shares against the said advance has
become subjudice and dependent upon the resolution of the legal cases.
M rL is earning profits in the last couple of years and has proposed dividend for the year 2013-14. It also has accumulated funds of ` 310.48
Million in fixed deposit pursuant to Court direction.

2014 2013
Rupees rupees Million Million
40. Auditors remuneration (excluding service tax)
As Auditor 12.13 10.12
For tax Audit 0.60 0.50
For taxation Matters 0.50 0.40
For other Matters (Certification) 0.40 0.34
13.63
11.36
41. earnings per equity share :

net profit after tax before extraordinary Items 1,015.45 626.60
net profit after tax after extraordinary Items 950.41 509.64
Weighted average number of equity shares outstanding 571,569,414 571,569,414
Basic and diluted earnings per equity share of face value ` 2 (in rupees)
Before extraordinary Items 1.78 1.10
88
After extraordinary Items 1.66 0.89
42. Value of Imports calculated on C.I.F. basis in respect of :
(i) provisions, Wines & others 119.35 81.92
(ii) Components & spares 38.68 26.12

(iii) Capital Goods 115.02 140.17
248.21
273.05
43. (a) Inventory of provision, Wines & others includes stock of paper, Ink etc. at year end ` 69.66 Million (2013 - ` 56.92 Million) (b)
Consumption of provisions, Wines and others includes consumption of paper, Ink etc. ` 356.74 Million (2013 - ` 325.62 Million)
44. details of dividend remitted during the year in foreign currency are given below :
2014 2013
Rupees rupees
Million Million
number of non-resident shareholder 1 1
(a)
number of equity shares held 333,030 333,030
(b)
Amount of dividend paid 0.30 0.37
(c)
Year to which dividend relates 2012-13 2011-12
(d)
45.
(a) expenditure in foreign currencies :

(i) professional & Consultancy 29.48 53.35
(ii) Foreign sales office expenses 109.41 294.98
(iii) other Matters 233.44 184.27
earnings in foreign currencies :
(b)
(i) on sales (as per return submitted to dGFt) 5,626.89 4,689.16
(ii) Consultation fees 50.55 50.88
(iii) export of printing and other materials on FoB basis 27.88 29.39
(iv) dividend 59.97 55.30
89
46. total Value of Consumption of Indigenous & Imported materials :

Year ended 31st March, 2014 Year ended 31st March, 2013
` Million Percentage ` Million percentage
Imported 283.23 15.02% 264.85 15.71 %
Indigenous 1,602.81 84.98
% 1,421.46 84.29
%
1,886.04 100.00
% 1,686.31 100.00
%
47. unhedged Foreign Currency exposure outstanding :

Currency As at 31st March, 2014 As at 31st March, 2013
Receivable Payable Net receivable payable net
euro 665 122,341 (121,676) 4,505 51,842 (47,337)
us dollar 239,512 394,882 (155,370) 180,548 963,533 (782,985)
Mauritius rupee 7,853,020 7,853,020 10,567,823 10,567,823
swiss Franc 11,770 (11,770)
Hong Kong dollar 500 500
thai Baht 251,370 (251,370)
GBp 5,577 (5,577) 1,020 33,070 (32,050)
48. the details of transactions entered into with related parties during the year are as follows:
NAMES OF THE RELATED PARTIES
(I) Subsidiary Companies Country of
Incorporation
(i) Mercury Car rentals private Limited (ceased to be subsidiary w.e.f. 30.09.2013) India
(ii) Mashobra resort Limited India
(iii) oberoi Kerala Hotels and resorts Limited India
(iv) Mumtaz Hotels Limited India
(v) eIH Flight services Limited Mauritius
(vi) eIH International Ltd. British Virgin Islands
(vii) eIH Holdings Ltd. British Virgin Islands
(viii) eIH Marrakech Ltd. British Virgin Islands
(ix) J&W Hongkong Limited Hongkong
(x) eIHH Corporation Limited Hongkong
(xi) eIH Investments n.V. netherlands Antilles
(xii)eIH Management services B.V. the netherlands
(xiii) pt Widja putra Karya Indonesia
(xiv) pt Waka oberoi Indonesia Indonesia
(xv)pt Astina Graha ubud Indonesia
(II) Associates & Joint Ventures

(i) eIH Associated Hotels Limited India
(ii) L & t Bangalore Airport Hotel Limited (ceased to be joint venture w.e.f. 20.12.2013) India
(iii) oberoi Mauritius Ltd. British Virgin Islands
(iv) Mercury Car rentals private Limited (joint venture w.e.f. 30.09.2013) India
(III) Enterprises in which Key Management Personnel have significant influence

(i) oberoi Hotels private Limited India
(ii) oberoi properties private Limited India
(iii) oberoi Holdings private Limited India
(iv) oberoi Investments private Limited India
(v) oberoi Buildings and Investments private Limited India
(vi) oberoi plaza private Limited India
(vii) Bombay plaza private Limited India
90
(viii) oberoi Leasing & Finance Company private Limited India
(ix) Aravali polymers LLp India
(x) Golden Jubilee Hotels Limited India
(xi) oberoi International LLp India
(xii)B I publications private Limited India
(xiii) Vikramaditya exports private Limited India
(IV) Key Management Personnel

(i) Mr. p.r.s. oberoi - executive Chairman
(ii) Mr. s.s. Mukherji - Vice Chairman and Chief executive officer
(iii) Mr. V.s. oberoi - Chief operating officer and Joint Managing director
(iv) Mr. A.s. oberoi - Chief planning officer and Joint Managing director
Transactions with Related Parties for the year ended 31st March, 2014 and Outstanding Balances as on 31st March, 2014.
NATURE OF TRANSACTIONS Subsidiaries Associate & Joint Enterprises in which Key Key Management
Ventures Management Personnel Personnel/ Relative of
have significant influence Key Management
Personnel
2014 2013 2014 2013 2014 2013 2014 2013
Rupees Million Rupees Million Rupees Million Rupees Million
PURCHASES
Purchase of Goods & Services
Mercury Car rentals private Limited 49.09 106.80 57.78
Mashobra resort Limited 0.92 0.41
Mumtaz Hotels Limited 1.56 0.94
Golden Jubilee Hotels Limited 0.29
pt Wake oberoi Indonesia 0.09
pt Widja putra Karya 0.22
eIH Associated Hotels Limited 11.38 8.31
oberoi Mauritius Ltd. 0.04
oberoi International LLp 6.68
Purchase of Fixed Assets Total 51.88 108.15 69.20 8.31 6.97
Mumtaz Hotels Limited 0.17
eIH Associated Hotels Limited 0.25
EXPENSES Total 0.17 0.25

Rent
oberoi Kerala Hotels & resorts Limited 0.43 0.39
oberoi Hotels private Limited 0.36 0.36
Mrs. Goodie oberoi, W/o Mr. p.r.s.oberoi 0.36 0.36
Royalty Total 0.43 0.39 0.92 0.89 0.36 0.36 0.36 0.36
oberoi Hotels private Limited 125.05 104.68
Remuneration Total 125.05 104.68
Mr. p.r.s. oberoi 31.39 29.20
Mr.s.s. Mukherji 48.93 45.10
Mr. V.s. oberoi 20.05 16.08
Mr. A.s. oberoi 19.62 16.46
Ms. priyanka Mukherjee, d/o Mr. s.s. Mukherji 1.27 1.12
Total 121.26 107.96
91
SALES
Sale of Goods and Services
eIH Flight services Limited, Mauritius 0.12 0.18
pt Widja putra Karya 0.99 2.78
pt Waka oberoi Indonesia 0.10 0.02
Golden Jubilee Hotels Limited 52.67 9.49
oberoi Mauritius Ltd 3.37 0.31
Sale of Fixed Assets Total 48.10 32.68 122.77 130.97 9.49
eIH Flight services Limited, Mauritius 0.01
INCOME Total 0.01 0.97 0.54

License Agreement
oberoi Holdings private Limited 0.64 0.63
oberoi Investments private Limited 0.24 0.12
oberoi Buildings & Investment private Limited 1.03 1.06
oberoi plaza private Limited 2.46 2.18
Bombay plaza private Limited 1.93 1.73
Management Contract Total 1.42 2.00 2.25 0.24 6.30 5.72
eIH Flight services Limited, Mauritius 15.02 8.97
Interest Income Total 96.76 75.53 151.01 132.14 6.84
Mashobra resort Limited 0.59
Total 0.59
NATURE OF TRANSACTIONS Subsidiaries Associate & Joint Enterprises in which Key Key Management
Ventures Management Personnel Personnel/ Relative of
have significant influence Key Management
Personnel
2014 2013 2014 2013 2014 2013 2014 2013
Rupees Million Rupees Million Rupees Million Rupees Million
Dividend Received
eIH International Ltd 59.97 55.30
FINANCE Total 245.82 117.25 11.22 21.21

PAYMENTS
Loans
Mercury Car rentals private Limited 17.00
Investment in Equity Shares Total 184.51
92
eIH International Ltd 205.00
eIH Associated Hotels Limited 414.38
Security Deposit Total 22.40 536.23 41.84 474.46 45.00
oberoi Kerala Hotels & resorts Limited 1.60
RECEIPTS Total 1.60

Loans & Advances received back
Guarantee Released Total 1.60 229.68
Mercury Car rentals private Limited 60.00
OUTSTANDING BALANCES Total 610.00

PAYABLES
For Goods & Services
Mercury Car rentals private Limited 14.70 7.37
Royalty Total 1.66 16.85 9.04 2.85 0.01
oberoi Hotels private Limited 31.85
Security Deposit Total 31.85
Bombay plaza private Limited 0.50 0.50
LOANS & ADVANCES AND RECEIVABLES Total 0.50 0.50

Mercury Car rentals private Limited 0.64 0.61
eIH Flight services Limited Mauritius 2.47 1.88
pt Widja putra Karya 0.01 0.01
oberoi Mauritius Ltd. 0.02
Advance against Equity Shares Total 7.93 10.13 17.56 53.59 79.11
Mashobra resort Limited 1,361.93 1,361.93
oberoi Kerala Hotels and resorts Limited 1.60
Management Contract Total 1,361.93 1,363.53
eIH Flight services Limited Mauritius 15.55 17.65
93
Total 46.33 47.97 55.20 53.73 4.42
Security Deposit
OUTSTANDING FINANCIAL FACILITIES Total 1.60

Against Corporate Guarantees
eIH Flight services Limited Mauritius 1,179.44 1,041.39
Total 1,179.44 1,041.39

note: transactions with related parties exclude reimbursements.
49. segment reporting : there are no reportable segments other than hotels as per Accounting standard (As-17) on segment reporting.
50. Financial reporting of Interest in Joint Ventures :

disclosure pursuant to para 51, 52, 53 & 54 of Accounting standard (As-27) is given below :
rupees Million
Aggregate amount relating to eIH Limiteds interest in jointly controlled entities
proportion of description of
names of the Interest
Jointly Controlled entities ownership
total total total
Interest (%) total
Assets Liabilities Income
expenses
oberoi Kerala Jointly
Hotels & resorts Limited 80.00 Controlled entity 16.58 16.58 0.34 0.33
Mashobra resort
Limited 78.79 -do- 898.32 898.32 253.49 212.65
Mumtaz Hotels
Limited 60.00 -do- 677.16 677.16 513.14 357.07
Mercury Car
rentals private Limited 40.00 -do- 783.07 783.07 670.84 655.74
oberoi Mauritius
Limited 50.00 -do- 1,405.31 1,405.31 288.34 278.41
a) Contingent liability that eIH Limited has incurred in relation to its interests in joint ventures and its share in each of the contingent liabilities
which have been incurred jointly with other venturers :-
Guarantees given to Banks & Financial Institutions for ` nil (2013 - ` nil ) against financial facilities availed by the jointly controlled entities
b) eIH Limiteds share of the contingent liabilities of the joint ventures themselves : ` 95.09 Million (2013 - ` 141.55 Million)
c) eIH Limited is not liable for the liabilities of the other venturers of any joint venture..
d) eIH Limited has a capital commitment for ` 184.10 Million (2013 - ` 260.20 Million) in relation to its interest in joint ventures and there are
no other capital commitments that have been incurred jointly with other venturer.
e) eIH Limiteds share of capital commitments of the joint ventures themselves amounts to ` 0.51 Million (2013 - ` 171.05 Million).
51. the previous years figures have been regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current financial statements and are to be read in relation to the amounts and other
disclosures relating to the current year.
94
EIH Limited
ConsoLIdatEd FInanCIaL statEmEnts
95

157.33 372.33
372.33
Ubud
Graha
PT Astina
692.84 156.76
156.76 7.99(0.26)
205.26 8.25

Indonesia (2,179.08)
Oberoi
PT Waka
39.91
153.05
294.37
294.37 529.19 34.35
139.03
104.68
Putra Karya
PT Widja
1.46145.63
65.62
91.29
65.62
1,123.60
1,123.60
Manageme
Servicesnt
BV
EIH
0.368.05 33.22
0.2810.94
11.22
1,000.18
1,000.18
Investments
NV
EIH

tionCorpora
Ltd
EIHH

605.10 605.10
605.10
3.433.43 3.43
Limited
Hong Kong
J& W
0.01 0.010.01
Marrakech
limited
EIH
364.84
2,062.53 346.36
113.46 459.82
133.17 3.32 38.61
41.93
2,428.77
2,428.77
ings Ltd
EIH Hold
206.50
559.70 855.24
392.15
132.02 103.25
260.13
Limited 1,128.60
1,128.60
Hotels
Mumtaz
330.00
(617.63) 47.10
98.92
321.72 23.10
51.82
1,140.15
1,140.15
Limited
Resort
Mashobra
(8.53)
27.20 20.72
20.72 0.430.030.010.02
Limited
Hotels and
Resorts
Kerala
Oberoi
547.89 777.02
777.02 418.59
(134.91)
(134.91)
Services
Limited (1,039.90)
EIH Flight
,215.79
1,050.29
5,280.26
5,280.26 82.02
79.97 79.97

46.24 46.24
Internation
Ltd al
EIH 4
arrakech
m
,
sa
tlas
a
e L
,400 shares of La Roseraie
d
ahl Hasheesh
Investment Company
96
s
ourism
,078,826 shares of

1
etails of Investment (except in case of
investment in subsidiaries)
Total
otal Liabilities axation ividend

axation
axation
ssets
t t
a t d
otal urnover
Particulars Capital
Reservest t t ProfitProvision
Profit
before Proposed
after
for d
, 1956
CT
A
For the year ended on 31.03.2014
OMPANIES
C
THE
OF
212(8)
ECTION
y, 2011
97
EBRUAR
F
TH
8
notes to Accounts Contd. DATED
. 2/2011
Million)
O
N
`
IRCULAR
Amount in C
UNDER
( ENERAL
. 5/12/2007-CL-III
O
N
APPROVAL
TO
PURSUANT
ISCLOSURE
98
(ConsoLIdatEd)
D
IndEPEndEnt audItoRs REPoRt on

Consolidated Financial statements
to the Board of directors,
EIH Limited
We have audited the accompanying consolidated financial statements of EIH Limited (the Company) its
subsidiaries, associates and jointly controlled entities (collectively referred to as the Group) which comprise the
consolidated Balance sheet as at 31st march, 2014, and the consolidated statement of Profit and Loss and
consolidated Cash Flow statement for the year then ended, and a summary of significant accounting policies and
other explanatory information.
Managements Responsibility for the Consolidated Financial Statements
management is responsible for the preparation of these consolidated financial statements that give a true and fair
view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the
Company in accordance with the accounting standards notified under the Companies act, 1956 (the act) and
accounting principles generally accepted in India. this responsibility includes the design, implementation and
maintenance of internal control relevant to preparation and presentation of the consolidated financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility our responsibility is to express an opinion on these consolidated financial statements
based on our audit. We conducted our audit in accordance with the standards on auditing issued by the Institute of
Chartered accountants of India. those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from
material misstatement.
an audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. the procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the Companys
preparation and presentation of the consolidated financial statements that give a true and fair view in order to
design audit procedures that are appropriate in the circumstances, but not for purpose of expressing an opinion on
the effectiveness of the companys internal control.
an audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of the reports of the other auditors on the financial statements of its subsidiaries, associates and
Jointly Controlled Entities as noted below, the consolidated financial statements give a true and fair view in
conformity with the accounting principles generally accepted in India:
a) in the case of Consolidated Balance sheet, of the state of affairs of the Company as at 31st march, 2014.
b) in the case of the Consolidated statement of Profit and Loss, of the profit for the year ended on that date; and
c) in the case of the Consolidated Cash Flow statement, of the cash flows for the year ended on that date.
Emphasis of Matter
We draw attention to note 44 to the Financial statements relating to the stay order given by the High Court of
Himachal Pradesh against the issue and offer of shares by mashobra Resort Limited to the Company against the
advances made by the Company thereby making such adjustment of the advances depandent upon the Honble
High Courts decision. our opinion is not qualified in this respect.
Other Matters
We did not audit the financial statements of twelve subsidiaries and one jointly controlled entity whose financial
statements reflect total assets (net) of ` 4,500.55 million as at 31st march, 2014, total revenues of ` 2,440.59
million and net cash flows amounting to ` 160.66 million for the year then ended. these financial statements have
been audited by other auditors whose reports have been furnished to us by the management and our opinion is
based solely on the reports of the other auditors. our opinion is not qualified in respect of this matter.
For RaY & RaY
Chartered
Accountants Firms Registration number
301072E
a.K. sHaRma new delhi Partner 30th may, 2014 membership number 80085
Balance sheet as at 31st
march, 2014
as at 31st march
2014 2013
99
SHAREHOLDERS' FUNDS
sH a RE C a PI taL 4 1,143.14 1,143.14
REs ERVEs and su RPLus 5 24,947.24 24,810.25
26,090.38
(ConsoLIdatEd)25,953.39
mI no RIt Y Int EREst 586.73 547.76
NON-CURRENT LIABILITIES
L onG t ERm Bo RRo WInGs 6 2,530.77 3,818.75
d EFERREd ta X LIa BILIt IEs - nE t 7 1,939.55 1,700.70
ot HER LonG t ERm LIa BILIt IEs 8 451.82 463.97
L onG t ERm PRo VIsI ons 9 160.23 143.40
5,082.37 6,126.82
CURRENT LIABILITIES
sH oRt t ERm Bo RRo WInGs 10 1,394.16 2,896.66
t R adE PaYa BLEs 11 924.84 849.37
ot HER Cu RREnt LIa BILIt IEs 12 2,172.87 2,175.11
sH oRt t ERm PRo VIsI ons 13 790.81 719.08
5,282.68 6,640.22
TOTAL 37,042.16 39,268.19
ASSETS
note Rupees Rupees Rupees

EQUITy AND LIABILITIES Million Million million
NON-CURRENT ASSETS
this is the Balance sheet referred to in

our report of even date.
For RaY & RaY Company Secretary s. K. dasGuPta Director
a.K. sHaRma
Partner membership
number 80085
new delhi, 30th may, 2014

statement of Profit and Loss for the year
ended 31st march, 2014
Y
2014
note Rupees
Million
INCOME
REVEnuE FRom oPERatIons 24 15,390.69
samIt GuHa s. s.
muKHERJI Vice
Chairman and Chief Executive ot HER InC omE 25 387.
Officer
tota L REVEnuE 15,778
VIKRam oBERoI Chief
Operating Officer and Joint EXPENSES
Managing Director
ConsumPtIon oF PRoVIsIons, WInEs & otHERs 26 2,177.05
s.n. sRIdHaR aRJun EmPLoYEE BEnEFIt EXPEnsEs 27 4,103.71
oBERoI Chief Planning
Officer and Joint Managing
Director
100
(ConsoLIdatEd)
Company Secretary s. K. dasGuPta Director
(in Rupees) Face Value ` 2

BEFoRE EXtRaoRdInaRY ItEms
aFtER EXtRaoRdInaRY ItEms
notEs to tHE aCCounts

FoRm an IntEGRaL PaRt oF tHE statEmEnt oF PRoFIt & Loss
this is the statement of Profit & Loss referred

to in our report of even date.
For RaY & RaY
a.K. sHaRma
Partner membership
number 80085
new delhi, 30th may, 2014

samIt GuHa s. s.
muKHERJI Vice
Chairman and Chief Executive
Officer

VIKRam oBERoI Chief
Operating Officer and Joint
Managing Director
s.n. sRIdHaR aRJun
oBERoI Chief Planning
Officer and Joint Managing
Director
101
(ConsoLIdatEd)
Cash Flow statement

for the year ended 31st march, 2014
Year ended 31st march
2014 2013
Rupees Rupees
Million million A.
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 1,824.75 739.94
adjustments for:
depreciation 1,349.22 1,411.35
Effect of Exchange Rate (25.21) 140.80
Liabilities written back (2.34) (4.11)
(Profit) / Loss on sale/diminution in value of investments (net) (53.40) 116.96
(Profit) / Loss on sale of Fixed assets (net) 23.22 60.95
Provision for doubtful advances 1.72 13.37
Interest Income (61.18) (103.89)
dividend Income (5.70) (10.77)
Interest Expenditure 527.06 716.48
operating Profit before Working Capital Changes 3,578.14 3,081.08

adjustments for:
trade & other Receivables (107.92) (752.41)
Prepayments (0.39) -
Inventories (54.36) (8.65)
trade & other Payables 121.90 64.80
Cash Generated from
o perations 3,537.37 2,384.82
Payment of
d irecttaxes (549.69) (312.51)
n et cash from
o peratinga ctivities 2,987.68 2,072.31
B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed assets (1,094.32) (1,767.24)
sale of Fixed assets 33.18 100.03
Purchase of Investments (92.93) (845.42)
sale of Investments 287.79 -
Interest Received 61.78 125.91
102
(ConsoLIdatEd)
decrease in advance (1.20) 1.47

Increase / (decrease) in other Bank balances (114.94) (40.45)
dividend Received 5.70 10.77
Cash used in Investing activities (914.94) (2,414.93)
Cash Flow statement for the year ended 31st

march, 2014 Contd.
2014 2013
Rupees Rupees
Million million
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of share Capital 64.24 281.03
Proceeds from Borrowings
Long term 320.93 3,925.99

Cash Credit from Banks 29.75 653.02
short term 750.00 787.87
Inter corporate deposits - 869.67
unsecured Loans - 500.00
Repayment of
Long term (514.56) (3,633.87)

Cash Credit from Banks (339.55) (30.00)
short term (1,000.00) (514.97)
- (731.17)
Inter corporate deposits
Interest Paid (534.79) (769.74)
dividend Paid (668.50) (681.26)
tax on dividend (70.26) (91.95) net Cash used in Financing activities
564.62
net Increase/(decrease) in Cash & Cash Equivalents 222.00 (a+B+C)
Cash and Cash Equivalents at beginning of year 941.82
- 1,163.82
Less: adjustment on account of cessation as subsidiary
1,163.82
Cash and Cash Equivalents at end of year
Notes :
1. the Cash Flow statement has been prepared in indirect method except in case of dividend income, purchase and sale of
investments which have been considered on the basis of actual cash movement, with corresponding adjustments in assets and
Liabilities.
2. additions to Fixed assets are stated inclusive of movements of Capital Work-In-Progress between the beginning and end of the
year and treated as part of Investing activities.
this is the Cash Flow statement referred to in our report of even date.
For RaY & RaY
a.K. sHaRma samIt GuHa s. s. muKHERJI VIKRam Vice Chairman and Chief Executive Officer
Partner Chief Financial Officer oBERoI aRJun oBERoI Chief Operating Officer and Joint Managing
membership number 80085 Director
s.n. sRIdHaR s. K. dasGuPta Chief Planning Officer and Joint Managing Director
new delhi, 30th may, 2014 Company Secretary Director
103
(ConsoLIdatEd)
accounts
1.
SIGNIFICANT ACCOUNTING POLICIES TO THE CONSOLIDATED FINANCIAL STATEMENTS
a. the Consolidated Financial statements relate to EIH Limited (the Company), its subsidiary companies, jointly
controlled entities and associates. the Financial statements of the Company, its subsidiary companies, jointly controlled
entities and associates which are incorporated in India have been prepared under the historical cost convention in
accordance with accounting standards notified under the Companies (accounting standards) Rules 2006, pursuant to
section 211 (3C) of the Companies act, 1956 and on accrual basis. Financial statements of the subsidiary companies and
the jointly controlled entity which are incorporated outside India have been prepared following the accounting standards
applicable in the respective countries but suitably modified to conform to the uniform accounting policies, except where
disclosed otherwise.
b. Principles of Consolidation the Consolidated Financial statements have been prepared on the following basis:
(i) the Financial statements of the Company, its subsidiary companies and jointly controlled entities are combined on lineby-line
basis by adding together like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances and
intra-group transactions in accordance with accounting standard on Consolidated Financial statements (as-21) read with
accounting standard on Financial Reporting of Interests in Joint Ventures (as-27) .
(ii) In case of foreign subsidiaries and foreign jointly controlled entity, revenue items are consolidated at the average exchange rate
prevailing during the year. assets and liabilities are converted at exchange rates prevailing at the respective Balance sheet dates.
any exchange difference arising on consolidation is recognised in the exchange fluctuation reserve.
(iii) the difference between the cost of investment in the subsidiaries and jointly controlled entities, over the net assets at the time of
acquisition of shares in the subsidiaries and jointly controlled entities is recognized in the Financial statements as Goodwill or
Capital Reserve, as the case may be.
(iv) In case of associates which are not jointly controlled entities as per accounting standard on Financial Reporting of Interests in
Joint Ventures (as-27), where EIH Limited holds more than 20% and upto 50% of voting power, Investments in such
associates are accounted for using equity method in accordance with accounting standard on accounting for Investments in
associates in Consolidated Financial statements (as-23).
(v) the Company accounts for its share in the post-acquisition change in net assets of the associates, after eliminating unrealised
profits and losses resulting from transactions between the Company and its associates, to the extent of its share, through its
statement of profit & loss to the extent such change is attributable to the associates statement of profit & loss and through its
reserves for the balance, based on available information.
(vi) the difference between the cost of investment in the associates and the share of net assets at the time of acquisition of shares in
the associates is identified in the Financial statements as Goodwill or Capital Reserve, as the case may be.
c. Investments other than in subsidiaries, associates and jointly controlled entities have been accounted for as per
accounting standard on accounting for Investments (as-13).
d. other significant accounting policies these are set out under significant accounting Policies as given in the standalone
Financial statements of EIH Limited.
2. A. details of subsidiaries whose Financial statements have been considered for consolidation in pursuance of accounting
standard on Consolidated Financial statements (as-21) are given below.
Name of Subsidiary Company Country of Proportion of
Incorporation Ownership Interest
i) mumtaz Hotels Limited India 60.00 %
ii) mashobra Resort Limited India 78.79 %
iii) oberoi Kerala Hotels & Resorts Limited India 80.00 %
iv) EIH Flight services Limited mauritius 100.00 %
v) EIH International Ltd British Virgin Islands 100.00 %
104
(ConsoLIdatEd)
vi) EIH Holdings Ltd * British Virgin Islands 100.00 %
vii) EIH marrakech Ltd * British Virgin Islands 100.00 %
viii) J&W Hong Kong Limited * Hong Kong 100.00 %
ix) EIHH Corporation Limited * Hong Kong 100.00 %
x) EIH Investments n.V. * netherlands antilles 100.00 %
xi) EIH management services B.V. * the netherlands 100.00 %
xii) Pt Widja Putra Karya * Indonesia 70.00 %
xiii) Pt Waka oberoi Indonesia * Indonesia 83.23 %
xiv) Pt astina Graha ubud * Indonesia 60.00 %
* Considered as subsidiary companies by virtue of being subsidiary of EIH International Ltd, a wholly owned
subsidiary of EIH Limited.
out of the above subsidiary Companies, oberoi Kerala Hotels & Resorts Limited, mashobra Resort Limited and m umtaz Hotels
Limited, are also Jointly Controlled Entities.
B. t he Jointly Controlled Entities consolidated in pursuance of the accounting s tandard on Financial Reporting
of Interests in Joint Ventures (as-27) are :
Sl. Name of the Jointly Controlled Entity Description of Country of Proportion

of
No. Interest Incorporation ownership
Interest (%)
(i) mercury Car Rentals Private Limited Jointly Controlled Entity India 40.00 %
(ii) oberoi mauritius Ltd * -do- British Virgin Islands 50.00 %
* Considered as jointly controlled entity by virtue of being jointly controlled entity of EIH International Ltd, a wholly owned
subsidiary of EIH Limited.
the Company sold part of its shareholding in mercury Car Rentals Limited (mCRL) to the other joint venture partner. a s a result of
this sale Companys ownership interest in mCRL was reduced from 66.67% to 40% and m CRL has been consolidated as a jointly
controlled entity. subsequently, with effect from 17.01.2014 mCRL was converted to a private limited company In view of the joint
venture agreement signed by EIH Limited with Core Hotels Ventures Private Limited, Golden Jubilee Hotels Limited was considered
as a jointly controlled entity. However, EIH Limited with ownership interest of 16% does not have any control over Golden Jubilee
Hotels Limited. Hence the financial statements of Golden Jubilee Hotels Limited has not been considered for preparing the
Consolidated Financial statement for the year ended 31st march, 2014.
the Company has disposed off the entire shareholding in L & t Bangalore a irport Hotel Limited constituting ownership interest of
26%. accordingly, L & t Bangalore airport Hotel Limited has ceased to be a Jointly Controlled Entity
t he associate Company considered in the Financial statements in pursuance of accounting standard on accounting for Investments in
C. associates in Consolidated Financial statements (as-23) is :
105
(ConsoLIdatEd)
Country of Proportion of
Incorporation Ownership
EIH associated Hotels Limited India 36.81 %
3. the carrying amount of investments includes goodwill (net) arising on acquisition in the associates EIH associated Hotels
Limited of ` 182.46 million (2013 - ` 182.46 million) computed as per accounting standard on accounting for Investments in
associates in Consolidated Financial statements(as-23).
ccounts
Million million
4
SHARE CAPITAL
autHoRIsEd
Equity shares of ` 2 each 3,000.00 3,000.00
1,500,000,000
(2013 - 1,500,000,000)
3,000.00
3,000.00
IssuEd, suBsCRIBEd, & FuLLY PaId uP

571,569,414 Equity shares of ` 2 each, as per last account (2013 - 1,143.14 1,143.14
571,569,414)
1,143.14
1,143.14 a) Reconciliation of share Capital :
as at 31st march
2014
2013
Number of Shares ` in Million number of shares ` in million
Balance at the beginning of the year 571,569,414 1,143.14 571,569,414 1,143.14
Add :s hares issued during the year
Balance at the end of the year 571,569,414 1,143.14 571,569,414 1,143.14
b) the Company has one class of equity shares having a par value of ` 2 per share. these shares rank pari passu in all respects
including voting rights and entitlement to dividend.
c) shares held by shareholders holding more than 5 percent shares in the Company :
as at 31st march
2014
2013
Number of Shares % holding number of shares % holding
(1) Reliance Industries Investment and
106
(ConsoLIdatEd)
Holding Limited 105,907,273 18.53 105,907,273

18.53
(2) ItC Limited 85,621,473 14.98 85,621,473
14.98
(3) oberoi Hotels Private Limited 83,646,328 14.63 83,646,328
14.63
(4) Life Insurance Corporation of India 34,747,348 6.08 34,747,348
6.08
(5) oberoi Holdings Private Limited 35,257,278 6.17 35,257,278
6.17
(6) oberoi Investments Private Limited 29,968,293 5.24 29,968,293
5.24
as at 31st march
2014 2013
Rupees Rupees Rupees
Million Million million
5
RESERVES AND SURPLUS
EXCHanGE FLuCtuatIon REsERVE 39.96 98.20
CaPItaL REdEmPtIon REsERVE

as per last account 1,024.21 1,024.21
107
(ConsoLIdatEd)
the Board of directors of EIH Limited. this dividend will be paid to the shareholders if approved at the forthcoming annual General
meeting.
Million million
6
LONG TERM BORROWINGS
Secured Loans
From Banks :
ICICI Bank Limited 1,000.00 1,400.00
ICICI Bank Limited - t/L II 4.72 60.49
ICICI Bank Limited - t/L III 89.19 96.75
Yes Bank Limited 32.54 11.09
the Ratnakar Bank Limited 36.72
108
(ConsoLIdatEd)
Barclays Bank PLC 52.30

HdFC Bank Limited 32.85 16.32
dhanlakshmi Bank Limited 14.46
state Bank of mauritius 1,154.93 1,088.58
others 781.55
From Financing Companies :
Kotak mahindra Primus Limited 29.64 95.06
Reliance Capital Limited 14.86 63.65
tata Capital Limited 19.26 59.88
BmW India Financial services Limited 18.70 72.00
Long term maturity of Finance Lease obligations 40.06 53.92
Unsecured Loans
From Government of Himachal Pradesh 5.00 5.00
2,530.77
3,818.75
6
LONG TERM BORROWINGS (Contd.)
PARTICULARS OF TERM LOANS

(i) term Loan from ICICI bank limited carries interest at the rate of 1.5% above banks base rate, repayable in quarterly
installments of Rs.100 million each. Repayment will be complete in July 2017.
(ii) term Loan from dhanlakshmi Bank, ICICI Bank Limited (t/L II), ICICI Bank Limited (t/L III), Yes Bank, the Ratnakar Bank
Limited, Barclays Bank PLC and HdFC Bank Limited carries interest between 9.24% to 12.50%, repayable in monthly
installments starting from the month in which the loans are availed and are payable in 36 to 48 months.
(iii) term Loan from state Bank of mauritius carries interest at 500 basis points over 3 months LIBoR. Loan will be repayable in 20
equal quarterly installments.
(iv) Loans from Finance Companies are repayble in monthly payment of equated installments starting from the month subsequent
to taking on finance lease and carries interest between 9.25% to 12.50%. the monthly installments are payable in 36 to 48
months.
(v) the Finance Lease obligations are secured by hypothecation of vehicles taken under Lease. Repayments are done by equated
monthly installment over 36 to 60 months.
PARTICULARS OF SECURITIES
(i) term loan from ICICI bank limited is secured by way of equitable mortgage by deposit of title deeds in respect of the
Companys hotel in delhi known as maidens Hotel, ranking pari passu.
(ii) term Loan from dhanlakshmi Bank, ICICI Bank Limited (t/L II), Yes Bank and HdFC Bank Limited against Hire Purchase
arrangement in case of mercury Car Rentals Limited are secured by hypothecation of vehicles.
(iii) term Loan from ICICI Bank Limited (t/L III), the Ratnakar Bank Limited, Barclays Bank PLC against Hire Purchase
arrangement in case of mercury Car Rentals Limited are secured by hypothecation of vehicles and book debts of lease
vertical.
(iv) term Loan from state Bank of mauritius in case of EIH Flight services Limited, mauritius, is secured by assignment of
leasehold rights on land taken on lease from airports of mauritius Limited and floating charge on all other asset in favour of
the Bank and by corporate guarantee of EIH Limited - the Holding Company.
(v) Loans from Finance Companies against auto loan arrangement in case of mercury Car Rentals Limited are secured by
hypothecation of vehicles.
Rupees
7
DEFERRED TAX - NET
109
(ConsoLIdatEd)
d eferredt ax Liabilities on account of :

d epreciation 2,359.09 2,205.60
a ccelerated Capital
a llowance 21.47 22.93
t ranslation
a djustment 4.61 1.01
2,385.17 2,229.54
d eferredtax a ssets on account of :
d epreciation 197.69 229.51
u nabsorbed Loss Carried Forward
u nder Income
tax act 68.38 102.42
a ccrued Expenses
d eductible on Payment 55.72 48.03
Gratuity Provision 0.82 1.48
Leave Encashment 38.74 31.49
Provision For
debts,a dvances & Investments 72.60 105.49
a llowance For LossoInperating Equipment 1.44
Reserve For Furniture Fixture & Equipment 11.67 8.98
445.62 528.84
d eferredt ax Liabilitiesnet)
( 1,939.55 1,700.70
8
OTHER LONG TERM LIABILITIES
Liability For Capital Expenditure 0.30 22.56
others 427.02 399.14
451.82
463.97
9
LONG TERM PROVISIONS
as at 31st march
2013
Rupees
Million million
10
SHORT TERM BORROWINGS
sECuREd
short term Loans from Banks :
- Indusind Bank Limited 793.00
- ICICI Bank Limited 1,000.00
Gratuity 2.74 4.60
- the Hongkong and shanghai Banking Corporation Limited 450.00 200.00
- others 160.23
143.40
11.20
Cash Credit from Banks :
- united Bank of India 201.97 621.66
- the Hongkong and shanghai Banking Corporation Limited 212.44 132.30
- state Bank of mauritius 29.75
Inter Corporate deposits From :
110
(ConsoLIdatEd)
- L&t urban Infrastructure Ltd 138.50

unsECuREd
short term Loans from Bank :
- aXIs Bank Limited 500.00
1,394.16
2,896.66
PARTICULARS OF SHORT TERM BORROWINGS :

(i) Cash Credit arrangements with united Bank of India and the Hongkong and shanghai Banking Corporation Limited relate to
EIH Limited and are secured by way of hypothecation of all stock of Inventories,Book debts and other Current assets of the
Company, both present and future, ranking pari passu. Cash credit with united Bank of India is additionally secured by way of
second charge in respect of the Companys hotel in Kolkata known as the oberoi Grand. Cash Credit is repayable on demand
and carries interest at floating rate linked to the base rates of the respective banks.
(ii) short term loan from HsBC carries interest at the rate of 10.90% and short term unsecured loan from aXIs Bank Limited carries
interest at the rate of 1% above banks base rate.
(iii) Cash credit from state bank of mauritius is secured by charge on building and corporate guarantee of EIH Limited. the Loan
bears an interest rate of 9.65%
Million
11
TRADE PAyABLES
total outstanding dues of micro Enterprises and small Enterprises (note 35) 3.24 4.10
total outstanding dues of Creditors other than micro Enterprises and small Enterprises 921.60 845.27
924.84 849.37
12
OTHER CURRENT LIABILITIES
Current maturities of Long term debt 563.40 637.91
Current maturities of Finance Lease obligations 29.21 86.30
Interest accrued but not due on borrowings 4.02 14.73
Interest accrued and due on borrowings 12.64
advance from Customer 263.04 210.94
unclaimed dividend 31.75 30.81
unclaimed Fractional share sale proceeds (against Bonus Issue) 0.18 0.19
other Payables
Contribution payable towards Gratuity Fund 36.85 12.12
Liability for Capital Expenditure 45.84 50.02
others (includes statutory dues) 1,087.85 989.73
2,172.87
2,175.11
13
111
(ConsoLIdatEd)
SHORT TERM PROVISIONS

Proposed dividend on Equity shares 674.93 597.02
tax on dividend 86.55 85.04
Gratuity 0.09 0.21
Wealth tax (net of advance) 14.39 12.81
790.81
719.08
112
2013
March, ,796.26 795.61 63.08
663.96
930.13 76.21 51.91 34.89
374.63 11.89
As at 31st 2,567.94 5,787.20
11,605.00 24,746.82
11.89
1
,437.90 54.71 61.80 ,845.38

33.32 6.99
(ConsoLIdatEd) st 2014 792.43
2,514.21 5,425.76632.28
730.41
343.34
March, 6.99
31 ,819.22 23
11
1
129.41 161.59 54.70 491.76 79.69
215.43 16.85
239.43 97.02
4,609.85
3,090.12 1,144.36 10,233.19
9.26
As at 9.04
78.72
2014
March,
As at 31st - 1.64 15.43 - -
0.15 0.07
3.78
38.6735.34 34.50 44.64 174.15
- 0.07
-
- 32.3531.48 4.62 108.87 36.11 1.68
51.91 ,376.98 2.23
tions 596.03
323.81 158.8331.29
Deduc - 2.23
1 -
For year
the 33.464.07 29.791.46 68.78
,746.82
24
Less
adjustmen
: t 9,310.31
Translation 2.63 4.62
195.76 211.17
348.86
Entity 564.65 9,310.31
of
of Jointly
Controlled 4,055.86
1,085.33
cessation
on account
Less :
adjustment 1,439.02
10,035.61 1,222.17
1,776.64 34,078.57
51.70
2013
March,
- - - -- --
50.57
51.54 18.08 232.13
13.56
4.45 - 1.70 - 2.01 - - 16.49

255.31 90.65
422.56
2.93
,035.19 22.60
1
6.21 32.85 1.43
53.42 - 90.23 78.72 111.35
101.51 83.43
133.89 184.14 187.5215.32 10.03
5.01 12.37
643.17
109.41 141.49 78.72 104.01
698.19
,819.22 2,643.62
2,838.44
954.02 558.77 239.4350.17 16.25 11.89
1
9,843.06 1,749.29
As
- at 31st 3.02 34,057.13 0.06111.35
14,528.02
8.33 - 52.29 - 0.41 - 9.040.06
as at2014
March, 31st
Cost/
Original
Revaluation
- achinery
4.42 2.93 0.01
- 30.66
Furniture -
& Fittings 0.37
32.85
47.89 2.93
m -
8,271.85
Plant & 3.13
-
tions
Deduc ASSETS
170.30
-
28.07
34,057.13
-
tions
Addi 37.83
5.11 TOTAL TANGIBLE
- 503.58
ment -
tion
adjust
Less :
Transla
-
,690.22
Entity 2
of
of Jointly
Controlled
cessation
on
Less account
:
adjustmen
- t - - - 81.00 -
13.56
- - 2013 -
113
March,
-
tion
as at 31st
Cost/
25.83 8.49 3.32 22.10
22.60
8.54
ote 36c) 929.50 558.77 239.4350.21 108.23
n (ConsoLIdatEd)
2,669.45 116.50 Business Rights
123.24
21.92
123.24
on anitary
including CK
Installation
develop- rademarks
I o
CK at
14,443.44 ircrafts
L 166.44
ment cost ( ote 38)
o oss B Boats
L fce Equipments oftware 0.04
tB Leasehold Land n
dEPRECI R (
s
illion a ASSETS
achinery Computer
Freehold Land t
SSETS m G 6.48
Buildings m
ote 38)
A Leased
nE TANGIBLE ASSETS
n
Original TOTAL INTANGIBLE
IXED (
1,494.78
F Rupees in Leased Vehicles
Vehicles
14
ASSETS
2014
o
Million
15 INTANGIBLE
NON-CURRENT INVESTMENTS i)
Investments In Equity Instruments
Trade Investments : Quoted -
31,951.49
25,000 (2013 - 25,000) Equity shares of ` 10 each of tourism Finance
Corporation of India Limited fully paid 0.50 0.50
Associate (Note 3)
11,215,118 (2013 - 11,215,118) Equity shares of ` 10 each of
EIH associated Hotels Limited fully paid 1,372.72 1,296.97
Others Investments : Unquoted Previous year 116.80
849,575 (2013 - 849,575) Equity shares of ` 10 each of
mercury travels Limited fully paid 18.70 18.70
ii)
18,000 (2013 - 18,000) Equity shares of ` 10 each of
Green Infra Wind Generation Limited fully paid 0.18 0.18
Previous year
1,078,826 (2013 - 1,078,826) Equity shares of Egyptian Pound 10 each of
tourism Investments Company at sahl Hasheesh fully paid 307.72 278.74
2,400 (2013 - 2,400) Equity shares of La Roseraie de Latlas sa, marrakech of
Face Value moroccan dirham 1,000 per share fully paid 346.36 313.73
3,200 (2013 - nil) Equity shares of ` 10 each of
Renew Wind Energy (Karnataka) Pvt. Ltd. fully paid 0.32
Unquoted
Joint Ventures
41,858,400 Equity shares of ` 10 each of
Golden Jubilee Hotels Limited fully paid 407.70
Investment in Government Securities (Unquoted) Non Trade
national savings Certificate
(lodged with Government authorities as security deposits) 0.31 0.25
2,454.51
1,909.07
Book Value market Value

Rupees Rupees million million
Quoted 1,373.22 1,794.45
114
(ConsoLIdatEd)
(1,297.47) (1,244.29)
u nquoted 1,081.29
(611.60)
2,454.51
(1,909.07)
( Figures in brackets represent figures for 2013)
2014
Rupees
Million
16
LONG TERM LOANS AND ADVANCES (Unsecured)
Loans and advances to others
Capital advances 39.21 77.40
advances recoverable in cash or in kind or for value to be received 333.03 330.51
other advances recoverable - considered doubtful 188.42 188.61
Prepaid Expenses 40.54 47.87
Income tax advance/Refund (net of provision) 840.43 745.08
mat credit entitlement 116.91 181.13
2,522.61 2,495.43
Less: Provision for
d oubtfula dvances 188.42 188.61
2,334.19 2,306.82
17
OTHER NON-CURRENT ASSETS
Long Term Trade Receivables (Unsecured)
Less : Provision ford oubtfuldebts 23.40 19.04

Interest accrued on bank deposits 0.43
0.43
18
CURRENT INVESTMENTS
Investments in Mutual Funds - Quoted
Reliance money manager Fund-Inst.-daily dividend-Plan nil (2013 - 106,829.401 units of
` 1001.3715 each (valued at market Price) 106.98

106.98
2014
Rupees
Million Million
19
INVENTORIES*
(at Lower of cost and net realisable value)
Provisions, Wines & others 242.47 195.81
(includes stock lying with third parties ` 4.72 million (2013 - ` 8.89 million)
115
(ConsoLIdatEd)
s tores &o perating supplies 260.51 254.37

502.98 450.18
* Inventories are valued at cost which is based on First-In-First-out method or net realisable value, whichever is lower. In the case of Pt
Widja Putra Karya inventory is valued at weighted average cost.unserviceable/damaged/discarded stocks and shortages are charged to
the statement of Profit and Loss.
20
TRADE RECEIVABLES (Unsecured)
debts outstanding for a period exceeding six months-
Considered good 140.97 50.46
o therdebts
Considered good 1,879.88 2,003.55
1,881.37 2,004.07
2,022.34 2,054.53
Less : Provision for
d oubtfuldebts 1.49 0.52
2,020.85 2,054.01
21
CASH & BANK BALANCES
Cash & Cash Equivalents
Cash in hand 19.13 54.97
Cheques in hand 44.72 89.03
Balances with Banks :
Currenta ccounts 948.80 931.16
Fixedd eposits with maturity within 3 months 200.11 88.66
1,212.76 1,163.82
o ther Bank Balances
Earmarked Balances* 310.51 247.53
Fixedd eposits maturing between 3-12 months 76.65 32.04
m argind eposits 9.33 51.41
u npaidd ividenda ccounts 31.75 30.81
Escrowa ccounts / Fractional
s hare sale proceeds (against Bonus Issue)
0.18 0.19
428.42 361.98
1,641.18 1,525.80
*Earmarked Balances represent the deposit maintained

m ashobraby Resort Limited with
n aationalised Bank as per directions of the
High Court in reference to the dispute with the Government of Himachal Pradesh.
as at 31st march
2014
Million million
22
SHORT TERM LOANS AND ADVANCES (Unsecured)
advances recoverable in cash or in kind or for value to be received 226.95 151.63
Prepaid Expenses 148.86 135.51
o ther Loans a
& dvances (considered doubtful) 11.88
Less: Provision for
d oubtfula dvances (11.88)
465.24 552.03
116
(ConsoLIdatEd)
23
OTHER CURRENT ASSETS
Interest accrued on deposits 2.66 4.66
o ther Receivables - Consideredugood
nsecured)
( 2.59 35.67
5.25 40.33

2014 2013
Rupees Rupees Rupees
24
REVENUE FROM OPERATIONS
Rooms 5,997.90 5,653.47
Food and Beverage 6,472.26 5 ,
421.06
other services 1,772.67 1,960.67
sale of Printed materials 545.60 501.14
transport & Car Hire Charges 607.71 1,151.18
15,396.14 14,687.52
Less:Excised uty (on certain printed materials) 5.45 2.75
15,390.69 14,684.77
25
OTHER INCOME
Interest 61.18 103.89
(includes interest from Income tax ` 0.90 million (2013 - ` 46.08 million)
dividend
From others - Long term Investments (trade) 0.03 0.03
From mutual Fund - Current Investments (non-trade) 5.67 10.74
miscellaneous Income 214.84 242.11
Profit on sale of Investment 0.01
Gain on Exchange (net) 103.47
Liabilities written back / Bad debts recovered 2.34 4.11
387.53
360.89
ccounts

2014
Rupees Million million
26
CONSUMPTION OF PROVISIONS,
WINES & OTHERS
opening stock 195.81 190.68
Add: Purchases 2,223.71 1,956.00
2,419.52 2,146.68
Less: Closingstock 242.47 195.81
2,177.05 1,950.87
117
(ConsoLIdatEd)
27
EMPLOyEE BENEFIT EXPENSES
salaries, Wages & Bonus 3,652.20 3,495.2
0
Contribution to Provident fund and other Funds 196.93 164.0
9
staff Welfare Expenses 254.58 259.12
4,103.71
3,918.41
28
FINANCE COSTS
Interest Expenses 526.54 706.46
o ther Borrowing Costs 0.52 10.02
527.06 716.48
Interest Expense includes interest capitalised ` 0.17 million (2013 - ` 0.97 million)
29
DEPRECIATION AND AMORTISATION
tangible assets 1,346.99 1,408.22
Intangible assets 2.23 3.13
1,349.22 1,411.35
ccounts

2014
Rupees Million Rupees Rupees
30
Million million
OTHER EXPENSES
Power & Fuel 1,261.51 1,151.88
Rent 318.15 276.23
Repairs & maintainance :
Buildings 212.22 190.91
Plant &m achinery 518.16 570.18
o thers 136.15 282.49
866.53 1,043.5
8
Insurance 61.15 66.84
Rates & taxes 458.76 446.1
9
Expenses on apartment & Board 286.05 250.7
2
Royalty 143.80 161.5
3
advertisement, Publicity & other Promotional Expenses 349.60 387.7
2
Commission to travel agents & others 272.61 237.5
7
Passage & travelling 348.45 273.0
3
Postage, telephone, etc. 125.95 143.4
7
Professional Charges 139.31 192.5
118
(ConsoLIdatEd)
2
Linen, uniform Washing & Laundry Expenses 57.38 58.16
Renewals & Replacement 117.56 97.76
auditors Remuneration 23.76 21.31
Vehicle operating Fee 153.01 318.7
2
musical, Banquet & Kitchen Expenses 98.47 88.85
directors Fees and Commission 85.39 55.93
Loss on sale/discard of assets (net) 23.22 60.95
Provision/write off : debts & advances 6.96 18.59
Provision/ write off : Investments 0.5
0
miscellaneous Expenses 652.21 561.1
0
Loss on exchange (net) 127.84
5,849.83
6,040.99
31
EXCEPTIONAL ITEMS
Property tax (150.66)
( relating to earlier years on settlement of litigation )
Profit on sale of investment 118.44
118.44 (150.66)
Company sold part of its shareholding in mercury Car Rentals Limited (mCRL) to the other joint venture partner .the profit arising
from this sale has been shown as exceptional income during the year ended 31.03.2014.
119
(ConsoLIdatEd)
notes to a Contd.
ccounts
32
EXTRAORDINARy ITEMS
L&t Bangalore International airport Hotel Limited ( BaHL ), a joint venture with L&t urban Infrastructure Limited started construction of a hotel on
the land alloted by Bangalore International airport Limited ( BIaL ) pursuant to the framework agreement with them. the same had to be abandoned
due to extraordinary circumstances involving refusal by airport authority of India (aaI) to permit the agreed height of the building as per Framework
agreement. BIaL also failed to honour their commitment to give additional land to compensate the reduction in height. BaHL went for arbitration
proceedings and the arbitral tribunal gave an award directing BIaL to take over the incomplete building and pay compensation fixed by the tribunal.
BaHL accounted for the resultant loss in its accounts for the year ended 31.03.2013. Consequently, there was a diminution in the value of
Companys investments to the extent of ` 116.96 million which was shown as extraordinary item in the accounts for the year ended 31.03.2013.
during the current year, BaHL and BIaL came to a mutual understanding which involved both the joint venture partners selling their shares in BaHL
to BIaL. the sale of shares have been completed, resulting in total loss of ` 182.00 million. accordingly the balance loss of ` 65.04 million has been
shown as extraordinary item during the year ended 31.03.2014.
2014 2013
33 Rupees Rupees
TAX Million million
Income tax 490.45 298.20
Less: mat Credit Entitlement / (Reveresal) 10.12 26.14
480.33 272.06
Add:t ax adjustment relating to earlier years after final assessment (1.12) (13.43)
479.21 258.63
34. Contingent Liabilities and commitments ( to the extent not provided) (a) Contingent Liabilities not provided for in respect of:
(i) Claims against the Company/Companies pending appellate/judicial decisions not acknowledged as debts:
(a) Value added tax ` 42.80 million (2013 - ` 28.13 million)
(b) Income tax ` 914.46 million (2013 - ` 748.18 million)
(c) tax deducted at source - ` 28.87 million (2013 - ` 14.16 million)
(d) service tax - ` 137.76 million (2013 - ` 108.88 million)
(e) Property tax ` 50.43 million (2013 - ` 5.93 million)
(f) Entertainment tax ` 4.31 million (2013 - ` 10.45 million)
(g) EsI Claim ` nil (2013 - ` 1.57 million)
(h) stamp duty ` 10.23 million (2013 - ` 10.23 million)
(i) Expenditure tax ` 0.10 million (2013 - ` 0.10 million)
(j) Customs duty ` 429.66 million (2013 - ` 477.96 million)
(k) Excise duty ` 99.38 million (2013 - ` 99.38 million)
(l) others ` 15.13 million (2013 - ` 22.99 million)
(ii) Counter guarantees issued to banks and remaining outstanding ` 221.88 million (2013 - ` 93.35 million).
(B) Commitments:
a. the estimated amount of contracts remaining to be executed on capital account and not provided for net of advances ` 582.15 million (2013
- ` 773.50 million).
b. Investment commitment in subsidiary companies ` 365.63 million (2013 - ` 424.63 million).
35. details of dues to micro Enterprises and small Enterprises as defined under micro, small & medium Enterprises development act, 2006 are
given below. this is based on information made available to the Company.
As at as at
31st March, 2014 31st march, 2013
Rupees Million Rupees million
Principal amount remaining unpaid 3.24 4.10
there was neither any delay in payment nor any interest is due and remaining unpaid on the above.
36. (a) Freehold/Leasehold Land of perpetual nature and Buildings at some locations of EIH Limited were revalued on 31st march, 1982 and
31st march, 1993 resulting in surplus of ` 2,863.88 million which is included in the original cost. the valuation was carried out by an
approved valuer on the basis of depreciated replacement cost. the surplus was transferred to Revaluation Reserve.
(b) Buildings of EIH Limited include construction cost of 850 car parking spaces amounting to ` 292.81 million which as per the lease
agreement dated 4th may, 2001 with mmRd authority will have to be transferred to the said authority through a licence agreement for a
120
(ConsoLIdatEd)
notes to accounts Contd.

licence fee of ` 1 per annum as a condition precedent to the lease of the land for the Companys hotel in mumbai known as trident, Bandra
Kurla.
(c) By virtue of West Bengal Estate Land acquisition act, 1953, the Company became the owner of Leasehold Land of erstwhile the oberoi
mount Everest at darjeeling which has been included in Freehold Land during the year at a nominal value
37. (a) depreciation has been provided for in the accounts on straight Line method at the rates prescribed in schedule XIV to the Companies
act, 1956 except for specific assets which are depreciated over the useful lives of the assets, which are not less than those prescribed under
the Companies act, 1956.
(b) depreciation for the year as per Fixed asset schedule (note-14) includes ` 29.99 million (2013 - ` 29.99 million) being depreciation on the
increased value of building due to the effect of revaluation and accordingly, the same has been adjusted from Revaluation Reserve account in
respect of EIH Limited.
(c) In case of mercury Car Rentals Private Limited, certain vehicles acquired under repurchase arrangement are depreciated over the period of
arrangement and the amounts provided are not less than the amount required as per Companies act, 1956. Vehicles given on lease are
depreciated over their respective lease period or sixty months whichever is earlier. trademarks, Licensed software, being intangible assets,
are amortised over a period of one hundred and twenty months and sixty months respectively. Prefabricated / Porta Cabin / renovation of
leased premises Furniture & Fixture are amortised over the useful life of sixty months or lease period and the amounts provided are not
less than the amount required as per the Companies act, 1956.
(d) In case of the foreign subsidiary companies and jointly controlled entity the assets are depreciated on a straight line basis over the estimated
useful life of the respective assets. the residual lives are reviewed every year and adjustments, if required, are made accordingly. such rates
of depreciation differ from those applied by the Company and its domestic subsidiary companies, jointly controlled entities and associate, the
impact of which has not been ascertained.
ccounts
38. Fixed assets acquired under Finance Lease amounted to ` 380.92 million (2013 - ` 405.87 million) being the assets acquired between 1st
april, 2001 and 31st march, 2014. these include an amount of ` 30.66 million (2013 - ` 41.12 million) being assets acquired during the year
under finance lease and capitalised in line with the requirements of accounting standard (as-19). depreciation for the year includes an amount
of ` 88.02 million (2013 - ` 125.12 million) being depreciation charged on these assets.
the year-wise break up of the outstanding lease obligations as on 31st march, 2014 in respect of these assets are as under:
2014 2013
Rupees Rupees
Million million
Assets taken on lease
total minimum lease payments at the year end 87.98 166.54
Present value of minimum lease payments 69.27 140.22
Not later than one year
minimum Lease payments 38.62 98.68
Present value 34.74 90.76
Later than one year but not later than five years
minimum Lease Payments 48.36 67.86
Present value 33.71 49.46
minimum Lease Payments 1.00
Present value 0.82
39. disclosures in respect of Companys operating lease arrangements entered on or after 1st april, 2001 under accounting standard (as-19) on
Leases.
(a) the Company gives shops located at various hotels and vehicles on operating lease arrangements. these leases are generally
not non-cancellable in nature and may generally be terminated by either party by serving a notice. some shops and vehicles have been
given under non-cancellable operating lease, the future minimum lease payments recoverable by the company are as under:-

2014 2013
Rupees Rupees
121
(ConsoLIdatEd)
notes to a Contd.
Million million
As Lessor
Later than five years 71.02 78.42
Rent in respect of the above is credited to the statement of Profit and Loss.
(b) the Company has entered into operating lease arrangements primarily for office premises, site offices, airport/flight services and residential
premises for its employees. these leases are generally not non-cancellable in nature and may generally be terminated by either party by
serving a notice. the future minimum lease payments payable by the company for office space taken under non-cancellable operating lease,
are as under:-
2014 2013
Rupees Rupees
Million million
As Lessee
Rent in respect of the above is charged to the statement of Profit and Loss.
40. the Group has adopted accounting standard 15 (as 15) (revised 2005) on Employee Benefits. these Consolidated Financial statements
include the obligations as per requirement of this standard except for those subsidiaries which are incorporated outside India who have
determined the valuation / provision for employee benefits as per requirements of their respective countries. In the opinion of the
management, the impact of which has not been ascertained.
41. a) Inventory of Provisions, Wines & others includes stock of Paper, Ink etc. at year end ` 69.66 million (2013 - ` 56.92 million).
(b) Consumption of Provisions, Wines and others includes consumption of Paper, Ink etc. ` 356.74 million (2013 - ` 325.62 million).
42. oberoi Kerala Hotels & Resorts Limited has approached the Government of Kerala for sale of freehold land at thekkady, the cost of which is
` 17.18 million. necessary approvals are still awaited. the Company has not commenced any construction / operations of the Hotel.
43. a) Repairs & maintenance includes running, maintenance and tax expenses relating to vehicles in respect of mercury Car Rentals ` 241.39
million (2013 ` 179.26 million).
(b) In case of Pt Waka oberoi Indonesia & Pt Widja Putra Karya provision for replacement has been made at 3% of hotel revenue instead of
charging the actual expenses which has been included in other Expenses.
(c) In case of mercury Car Rentals Private Limited other Long term liabilities others and other current liabilities others inter alia include `
8.96 million (2013 - ` 11.97 million) and ` 14.41 million (2013 - ` 4.06 million) respectively as advances received against residual value of
vehicles in fixed sum which would be adopted when the vehicle will be transferred/ sold to parties.
(d) mercury Car Rentals Private Limited has provided vehicles on operating lease to customers. Gross Block of Fixed assets includes vehicles
given on operating lease as at 31st march 2014 aggregating to ` 785.47 million (2013 ` 135.95 million). depreciation for the year includes
an amount of ` 69.43 million (2013 ` 4.70 million) being depreciation charged on these assets given on such operating lease
44. In the case of mashobra Resort Limited (mRL), several disputes with the Government of Himachal Pradesh, the joint venture partner, were
referred by the High Court of Himachal Pradesh on 17th december, 2003 to an arbitral tribunal consisting of a single arbitrator whose award
has been challenged by both the Company and mRL, amongst others. the operation of the arbitration award has been stayed pending
substantive hearing of the applications by the High Court. Consequently, the status quo ante of the entire matter stands restored to the
position as on 17th december, 2003 and the hotel is being operated by mRL accordingly. the Company vide its letter dated 4th april, 2012
requested mRL to account for the entire amount of ` 1,361.93 million provided to mRL upto 31st march, 2012 as advance towards Equity,
including ` 130.00 million being the opening balance of advance towards Equity. In view of the above, the Company has shown the said
amount of ` 1,361.93 million as advance towards Equity in its books.
an extraordinary general meeting of mRL was called on 14.10.2010 to pass a resolution for issue and offer of equity shares of mRL to the
Company against the above advance for shares. the Government of Himachal Pradesh obtained a stay order from the High Court of Himachal
Pradesh and the passing of the said resolution was deferred by the High Court. Consequently the issue of equity shares against the said
advance has become subjudice and dependent upon the resolution of the legal cases.
mRL is earning profits in the last couple of years and has proposed dividend for the year 2013-14. It also has accumulated funds of ` 310.48
million in fixed deposit pursuant to court direction.
122
(ConsoLIdatEd)
45. In case of mumtaz Hotels Limited, other Current assets includes cost of land of ` 5.19 million acquired by the uttar Pradesh shasan Van
anubhag. the Companys claim for compensation is pending adjudication before the additional district Judge agra, uttar Pradesh.
46. Earnings per Equity share : Year ended 31st march

2014 2013
Rupees Rupees
Million million
net Profit after tax before Extraordinary Items 1,136.36 534.69
net Profit after tax after Extraordinary Items 1,071.32 417.73
Weighted average number of Equity shares outstanding 571,569,414 571,569,414
Basic and diluted earnings per Equity share of face
value ` 2 (in Rupees)
Before Extraordinary Items 1.99 0.94
after Extraordinary Items 1.87 0.73
47. the details of transactions entered into with Related Parties during the year are as follows :
(A) Name of the Related Parties
(I) Associate
(i) EIH associated Hotels Limited
(II) Enterprises in which Key Management Personnel have significant influence

(i) oberoi Hotels Private Limited
(ii) oberoi Properties Private Limited
(iii) oberoi Holdings Private Limited
(iv) oberoi Investments Private Limited
(v) oberoi Buildings and Investments Private Limited
(vi) oberoi Plaza Private Limited
(vii) Bombay Plaza Private Limited
(viii) oberoi Leasing & Finance Company Private Limited
(ix) aravali Polymers LLP
(x) Golden Jubilee Hotels Limited
(xi) oberoi International LLP
(xii)B I Publications Private Limited
(xiii) Vikramaditya Exports Private Limited
(III) Key Management Personnel

(i) mr. P.R.s. oberoi
(ii) mr. s.s. mukherji
(iii) mr. V.s. oberoi
(iv) mr. a.s. oberoi
( B) Transactions with Related Parties for the year ended 31st March, 2014 and Outstanding Balances as on 31st March, 2014
NATURE OF TRANSACTIONS Associate & Joint Enterprises in which Key Key Management
Ventures Management Personnel have Personnel/ Relative of Key
significant influence Management Personnel
123
(ConsoLIdatEd)
2014 2013 2014 2013 2014 2013
Rupees Million Rupees Million Rupees Million
PURCHASES
Purchase of Goods & Services
EIH associated Hotels Limited 11.38 8.31
oberoi International LLP 6.68
Purchase of Fixed Assets Total 11.38 8.31 6.97
EIH associated Hotels Limited 0.25
EXPENSES Total 0.25

Rent
oberoi Hotels Private Limited 0.36 0.36
mrs. Goodie oberoi, W/o mr. P.R.s. oberoi 0.36 0.36
Royalty Total 0.92 0.89 0.36 0.36 0.36 0.36
oberoi Hotels Private Limited 125.05 104.68
Remuneration Total 125.05 104.68
mr. P.R.s. oberoi 31.39 29.20
mr. s.s. mukherji 48.93 45.10
mr. V.s. oberoi 20.05 16.08
mr. a.s. oberoi 19.62 16.46
ms. Priyanka mukherjee, d/o mr. s.s. mukherji 1.27 1.12
SALES Total 121.26 107.96

Sale of Goods and Services
Sale of Fixed Assets Total 116.91 77.99 9.49
INCOME Total 0.97 0.54

License Agreement
oberoi Holdings Private Limited 0.64 0.63
oberoi Investments Private Limited 0.24 0.12
oberoi Buildings & Investment Private Limited 1.03 1.06
oberoi Plaza Private Limited 2.46 2.18
Bombay Plaza Private Limited 1.93 1.73
Management Contract Total 0.24 0.24 6.30 5.72
Dividend Received Total 151.01 132.14 6.84
FINANCE Total 11.22 21.21

PAyMENTS
Investment in Equity Shares
EIH associated Hotels Limited 414.38
124
(ConsoLIdatEd)
Total 414.38 45.00
OUTSTANDING BALANCES
PAyABLES
For Goods & services
Royalty Total 1.67 2.85 0.01
oberoi Hotels Private Limited 31.85
Security Deposit Total 31.85
Bombay Plaza Pvt. Ltd. 0.50 0.50
LOANS & ADVANCES AND RECEIVABLES Total 0.50 0.50

Management Contract Total 16.95 11.50 79.11
Total 55.20 53.73 4.42 note: transactions with related parties exclude
reimbursements.
48. Financial Reporting of Interest in Joint Ventures :

disclosure pursuant to para 51, 52, 53 & 54 of accounting standard (as-27) is given below :
Rupees million
aggregate amount relating to EIH Limiteds interest in jointly controlled entities
names of the Proportion of description total total total total

Jointly Controlled ownership of Interest assets Liabilities Income Expenses
Entities Interest (%)
oberoi Kerala Jointly
Hotels & Resorts Limited 80.00 Controlled Entity 16.58 16.58 0.34 0.33
mashobra Resort
Limited 78.79 -do- 898.32 898.32 253.49 212.65
mumtaz Hotels
Limited 60.00 -do- 677.16 677.16 513.14 357.07
mercury Car
Rentals Private Limited 40.00 -do- 783.07 783.07 670.84 655.74
oberoi mauritius
Limited 50.00 -do- 1,405.31 1,405.31 288.34 278.41
a) Contingent liability that EIH Limited has incurred in relation to its interests in joint ventures and its share in each of the contingent liabilities
which have been incurred jointly with other venturers :-
Guarantees given to Banks & Financial Institutions for ` nil (2013 - ` nil) against financial facilities availed by the jointly controlled entities.
b) EIH Limiteds share of the contingent liabilities of the joint ventures themselves: ` 95.09 million (2013 - ` 141.55 million)
c) EIH Limited is not liable for the liabilities of the other venturers of any joint venture.
d) EIH Limited has capital commitments for ` 184.10 million (2013 - ` 260.20 million) in relation to its interest in joint ventures and there are
no other capital commitments that have been incurred jointly with other venturer.
e) EIH Limiteds share of capital commitments of the joint ventures themselves amounts to ` 0.51 million (2013 - ` 171.05 million).
125
(ConsoLIdatEd)
49. the previous years figures have been regrouped, rearranged and reclassified wherever necessary. amounts and other disclosures for the
preceding year are included as an integral part of the current financial statements and are to be read in relation to the amounts and other
disclosures relating to the current year.
126
( ConsoLI datEd)
OBEROI HOTELS & RESORTS

IndIa
agra the oberoi amarvilas
Bangalore the oberoi
Gurgaon, national
Capital Region the oberoi
Jaipur the oberoi Rajvilas

Kolkata the oberoi Grand
shimla in the
Himalayas Wildflower Hall
mumbai the oberoi
new delhi the oberoi
Ranthambhore the oberoi Vanyavilas
shimla the oberoi Cecil
udaipur the oberoi udaivilas
Cochin motor Vessel Vrinda

(a luxury backwater cruiser)
EGYPt
agra sahl Hasheesh
trident the oberoi
Bhubaneswar aswan-Luxor
trident the oberoi Zahra
Luxury Nile Cruiser
Chennai trident
the oberoi Philae
Cochin trident
Nile Cruiser
IndonEsIa
Bali the oberoi
Lombok mauRItIus the oberoi
mauritius the oberoi
saudI aRaBIa
madina uaE madina oberoi
dubai the oberoi
127
( ConsoLI datEd)
Gurgaon trident
Hyderabad trident
Jaipur trident
mumbai trident, nariman Point

trident, Bandra Kurla
udaipur trident
TRIDENT HOTELS
OTHER BUSINESS UNITS
PROJECTS delhi maidens Hotel
UNDER manesar, Gurgaon mumbai, Printing Press
CONSTRUCTION delhi,
OR
DEVELOPMENT Chennai and Kolkata oberoi Flight services
mumbai, Kolkata,
IntERnatIonaL Cochin and Bangalore oberoi airport services
marrakech theLuxury
oberoi Car Hire and Car Leasing
Casablanca the oberoi
Business aircraft Charters
the oberoi
ajman, uaE
IndIa
Rajgarh, madhya Pradesh the oberoi, Rajgarh Palace
Hyderabad the oberoi
Pune the oberoi
Chandigarh the oberoi
128
Bangalore the oberoi
Goa the oberoi
navi mumbai trident
129

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(ConsoLIdatEd) notes

Annual Report 2013 - 2014 2013

VOTED THE WORLDS LEADING LUXURY HOTEL BRAND

CoMPAny seCRetARy & CoMPLIAnCe oFFICeR Mr. s. n.

Conduct which puts the customer first, the Company

Conduct which exemplifies care for the customer through

Conduct which demonstrates two-waycommunication, accepting constructive

Conduct which demonstrates that people are our key asset,

Conduct which at all times safeguards the safety, security, health

Conduct which eschews the short-term quick-fix for the long-

VOTED THE WORLDS BEST HOTEL BRAND

THE WORLDS LEADING LUXURY HOTEL BRAND

5 Z 5WZZQ[5 QLLTM\WV L]ZQVOI KI[]ITKWV^MZ[I\QWV

5[ )VVIJMTTM?I\MZUIVIVL 5 Z[ 5 IZa :W[M+ PIUJMZ[O]M[\[I\ <PM7JMZWQ

8IT_QVLMZ UM\ 5 Z[ *ZIaMZWVIZZQ^ITIVL KPMKSML PMZQV\W\PM PW\MT4I\MZ \PI\M^MVQVO

FOR THE YEAR RATIO 14

erial nos. 8,10,11,13,14 and 18 are inclusive of Revaluation Reserve

b) Figures have been regrouped/rearranged wherever necessary. 30

b) Figures have been regrouped/rearranged wherever necessary.

Ladies & Gentlemen,

We are pleased that the Government is planning to introduce an electronic travel

India is blessed with a very long coastline which has

Our heritageassets are unique. Sadly, we pay scant attention

Balance brought forward 3145.96 3368.2

For and on behalf of the Board

MANAGEMENT DIScuSSION AND ANALYSIS

Industry Structure, Developments and Outlook

Opportunities, Threats, Risks & concerns

Financial and Operating Performance

Business consolidation and expansion

Hotel Award Awarded By

Hotel Award Awarded By

Development in Human Resources and Industrial Relations

For and on behalf of the Board

new Delhi s.K. DAsGuPtA s.s. MuKHeRJI

REPORT ON cORPORATE GOvERNANcE

1. The companys Philosophy on code of Governance

Mr. Vikram oberoi Chief operating

Mr. s.K. Dasgupta Director Non-executive 5 Yes 3 1**

Name Designation category Attendance No. of other No. of

Mr. Rajeev Gupta Director Non-Executive Independent 4

* Excludes directorships in private Companies

4. Stakeholders Relationship committee (formerly Investors Grievances committee) the

composition, Meetings & Attendance the stakeholders relationship committee comprises of

The Company had a Remuneration Committee

6. corporate Social Responsibility committee composition, Meetings and Attendance

8. General Body Meetings

iii) Person who conducted the postal ballot exercise

iv) Procedure for postal ballot

v) Proposal to pass any Special Resolution through postal ballot

B. commission on Profits (Accrued) `/million

B. The companys Share Price versus Nifty

13.Outstanding Global Depository Receipts

Pattern of Shareho lding as on 31st March, 2014

20.compliance with clause 47(f) of the Listing Agreement

21.Information as per clause 49Iv( G)(i) of the Listing Agreement

For and on behalf of the Board

new Delhi s.s. MuKHeRJI

B. companies Not Incorporated in India

Luxury Car Hire & Car Leasing

Business Aircraft Charters note:

eIH Limited has strategic/substantial investments in hotels owned by subsidiary/Associate Companies.

We have examined the compliance of conditions of